Gold prices hit all-time high; Crude oil falls sharply at the end of the week

Gold price all time high

Gold prices today (December 3) increased sharply, reaching 74 million VND/tael. World gold prices reached an all-time high of 2,071 USD/ounce.

At the time of survey at 5:00 a.m. on December 3, 2023, gold prices on some exchanges were as follows:

DOJI listed the price of 9999 gold at 72.30 million VND/tael for buying and 74.00 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 72.90 - 73.70 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.90 - 73.95 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.90 - 74.20 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,071.880 USD/ounce. Converted according to the current exchange rate at Vietcombank , the world gold price is about 59.943 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.757 million VND/tael higher than the international gold price.

World gold price closed the trading week at 2,071.8 USD/ounce, higher than the old record recorded in 2020.

World oil fell more than 2% in the last session of the week

International oil prices fell more than 2% on the weekend as investors were wary of the latest OPEC+ production cuts and sluggish global production. Brent crude ended the week at $78.88 a barrel, while WTI fell to $74.07 a barrel.

World crude oil prices have fallen sharply in recent days.

In the domestic market, the selling price of gasoline and oil today, December 3, is applied according to the price level at the management session on the afternoon of November 30 of the Ministry of Finance - Ministry of Industry and Trade. Accordingly, gasoline and oil prices are managed in opposite directions of increase and decrease.

Specifically, the price of E5 gasoline increased to 21,790 VND per liter. The price of RON95 gasoline decreased to 22,990 VND per liter. The price of diesel oil decreased to 20,190 VND per liter. Meanwhile, the price of kerosene increased to 21,110 VND per liter.

Rice export prices increased sharply this week

Export rice prices from world sources have fluctuated sharply upward this week.

According to data from the Vietnam Food Association (VFA), in the week from November 27 to December 2, rice prices from world suppliers including Vietnam, Thailand, and Pakistan have made strong adjustments.

Specifically, after a long period of stable price at 658-662 USD/ton, Vietnam's 5% broken rice increased slightly by 5 USD this week, to 663-667 USD/ton - and is the highest price among exporting countries.

World rice prices fluctuated strongly during the week.

Regarding the reason for the sharp increase in rice prices this week, according to VFA, many countries currently have a large import demand. Specifically, Brazil has reached an agreement to buy 60,000 tons of rice from Thailand. Or the Philippines recently asked traders to buy an additional 1 million tons of rice within 1 month to increase domestic supply. If traders do not import large quantities within 30 days, they will be blacklisted.

Another country, East Timor, has also signed a Memorandum of Understanding on rice trade with the Cambodian Government to import about 4,000 tonnes of rice from Cambodia; Sri Lanka has approved the import of Keeri Samba rice to address inadequate supply.

The second reason for the upward pressure on world rice prices is that the world's largest rice exporter, India, has not yet eased its ban on exporting common white rice until the end of 2024.

Domestic coffee prices reverse to decrease

After many consecutive days of price increases, domestic coffee has shown a downward trend. Updated at 4:30 a.m. on December 3, 2023, the average coffee price in the Central Highlands provinces is currently around VND 59,600/kg, with the highest purchase price in Dak Lak and Dak Nong provinces at VND 59,900/kg.

Domestic coffee prices tend to decrease today.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces on December 3 was quite high at 59,700 VND/kg; In Dak Nong province, coffee was purchased at 59,900 VND/kg.

The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 58,900 VND/kg.

Today's coffee price in Dak Lak province is the highest; in Cu M'gar district, coffee is purchased at 59,900 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 60,000 VND/kg.

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