Won price flat, black market plunges; Gold forecast to continue rising

Will the USD maintain its strength this week?

Today's USD exchange rate, January 8, both domestically and internationally, increased simultaneously.

The central VND/USD exchange rate announced by the State Bank is adjusted to 23,932 VND/USD, an increase of 17 VND compared to the trading session on January 5.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,078 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 25,078 VND/USD.

In the world, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 102.43 points - up 0.01% compared to trading on January 5. The USD increased 0.25% against a basket of currencies at 102.69, after hitting a new high in 3 weeks. The index increased 1.3% during the week and by the end of the week, the USD Index reached 102.43, up 0.01%.

After recent losses, DXY is testing a key support zone between 101.70 and 102.00. Goldman Sachs strategists believe that while the outlook for the dollar could worsen in 2024, a strong and stable U.S. economy will limit the currency's decline. According to Goldman Sachs, the dollar remains overvalued and investors remain bullish on the currency.

Bank Won price remains unchanged, black market plunges

According to this morning's survey, Tien Phong Bank bought Korean Won (KRW) at the highest price of 17.59 VND/KRW and sold Korean Won at the lowest price of 19.11 VND per KRW.

At Vietcombank , the Won Vietcombank exchange rate remains the same, buying at 16.00 VND/KRW and selling at 19.39 VND/KRW. At Vietinbank, the Won VietinBank exchange rate also remains the same, buying at 16.33 VND/KRW and selling at 20.33 VND/KRW compared to yesterday morning.

Korean Won exchange rate today January 8, banks keep the buying and selling prices unchanged, TP Bank buys Korean Won (KRW) at the highest price of 17.59 VND/KRW.

A survey at the black market at 5:30 a.m. showed that the buying price was 18.33 VND/KRW and the selling price was 18.73 VND/KRW. The buying and selling prices continued to decrease compared to yesterday morning, at the time recorded in the early morning.

Gold is expected to continue to increase in the new trading week.

Today, domestic gold prices are flat, currently hovering at 75 million VND/tael, and the world price is expected to continue to increase in the new trading week.

At the time of survey at 5:00 a.m. on January 8, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 72.00 million VND/tael for buying and 75.00 million VND/tael for selling.

vang-mieng-sjc-gan-cham-moc-69-trieu-dongluong1694142430.png — Gold is expected to continue to increase in the new trading week.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 72.30 - 74.80 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 72.00 - 75.20 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,045.625 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.380 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.62 million VND/tael higher than the international gold price.

Discussing the outlook for gold prices next week, Philip Streible, Chief Market Strategist at Blue Line Futures, said that a better US jobs report negatively affected gold prices.

Gold prices could stay above $2,000 an ounce if there is a possibility of a rate cut in March. However, for gold prices to reach $2,050 an ounce depends on many factors.

James Stanley, senior market strategist at Forex, predicts gold prices will stabilize in the range of $2,050/ounce in the coming time.

Domestic coffee prices remain high

Today, domestic coffee prices continue to be stable and at a fairly high level. Currently, the average coffee price in the Central Highlands provinces is about 68,300 VND/kg, the highest purchase price in Dak Nong province is 68,600 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at 68,400 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 68,600 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 67,700 VND/kg.

Today's coffee price in Dak Lak province is the highest; in Cu M'gar district, coffee is purchased at 68,400 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 68,500 VND/kg.

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