USD soars to three-month high; World gold plunges

USD surges to 3-month high

USD exchange rate today (February 14, 2024), world USD skyrocketed, reaching a 3-month high after inflation data.

The central VND/USD exchange rate announced by the State Bank is adjusted to 23,956 VND/USD, down 8 VND compared to the trading session on February 7.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,103 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 25,103 VND/USD.

The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,200 and a selling price of 24,570, an increase of 40 VND compared to the trading session on February 7. 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 104.88 points - up 0.68% compared to the transaction on February 13.

World gold price plummets

Today, world gold prices plummeted, currently fluctuating at 1,933 USD/ounce after CPI data was released.

At the time of survey at 5:00 a.m. on February 14, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 76.55 million VND/tael for buying and 78.85 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 76.75 - 78.90 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.75 - 79.70 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 1,993.205 USD/ounce, down 26.945 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 57.954 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 18.746 million VND/tael higher than the international gold price.

Steel traded at 3,901 yuan/ton

Steel prices continued to rise on the Shanghai exchange today; domestic steel expects a recovery in demand from the southern market.

The most-active iron ore contract for May delivery on China's Dalian Commodity Exchange (DCE) closed up 2.4 percent at 963.50 yuan ($133.90) a tonne. Earlier in the session, iron ore hit 967.50 yuan, its highest since Feb. 2.

The most-traded iron ore contract for March delivery on the Singapore Exchange (SGX) rose 2.4% to $128 a tonne.

Other steelmaking raw materials such as coking coal DJMcv1 rose 2.4% to 1,746 yuan/t, while coke rose 2.5% to 2,378 yuan/t.

In 2024, the steel industry witnessed price increases in January as consumption increased again, making steel enterprises more confident in the recovery of the industry market.

The entire VNSTEEL system's sales output in January reached 299,000 tons, down 7% compared to the previous month and up 37% compared to the same period in 2023. Of which, construction steel contributed over 197,700 tons, cold rolled steel reached over 67,900 tons, and galvanized steel 33,200 tons.

Businesses informed that the market continues to wait for the factories’ moves on rebar prices. Most market participants expect the current price increase to positively support the market’s recovery after Tet, especially the expectation of a recovery in demand in the Southern market.

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