USD reversed and plummeted; Steel prices turned to decline on the trading floor

USD reversed and plummeted

Today's USD exchange rate continued to drop sharply by 140 VND in both buying and selling directions, the world USD reversed and decreased.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,023 VND/USD, down 13 VND compared to the trading session on January 30.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,174 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 25,174 VND/USD.

The bank USD exchange rate and foreign exchange rate this morning recorded a series of downward adjustments at banks. Specifically, Vietcombank has a buying price of 24,205 and a selling price of 24,575, down 140 VND compared to the trading session on January 30. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.

In the world market, the Dollar Index (DXY), measuring the USD against 6 major currencies (EUR, JPY, GBP, CAD, SEK, CHF), stopped at 103.50 points - down 0.11% compared to trading on January 30.

Steel reverses decline on the stock exchange

Today, the price of steel for May 2024 delivery on the Shanghai Futures Exchange fell 7 yuan to 3,945 yuan/ton.

Iron ore is off to a strong start to the year, with rising prices and strong imports from China stoking optimism the world’s biggest buyer of the steelmaking raw material is adding enough stimulus to boost demand, Reuters reported.

The SZZFc1 iron ore contract on the Singapore Exchange (SGX) closed at $135.31 a tonne on January 26, posting a weekly gain after falling in the previous two weeks.

cac-doanh-nghiep-thep-cung-phai-kiem-ke-khi-nha-kinh20230510185630.jpeg — The price of steel for May 2024 delivery on the Shanghai Futures Exchange fell 7 yuan to 3,945 yuan/ton.

The contract is also 1% above its 2024 low of $133.99 a tonne and has been on a broad-based upward trend since August 2023, after settling at a low of $103.21 on August 3, 2023.

In the domestic market, the latest survey at SteelOnline.vn on January 31 showed that the price of CB240 steel and the price of D10 CB300 steel remained stable.

Gold continues to soar

Today, domestic gold continued to increase strongly by 600,000 VND/tael, bringing SJC close to the 77.5 million VND/tael mark, while the world price continued to increase slightly.

At the time of survey at 5:00 a.m. on January 31, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 74.85 million VND/tael for buying and 77.35 million VND/tael for selling.

At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 75.60 - 76.60 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 74.95 - 77.30 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 74.70 - 77.30 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,036.505 USD/ounce, a difference of 3,715 USD/ounce compared to the gold price in yesterday's trading session. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.225 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 15.675 million VND/tael higher than the international gold price.

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