USD both fell domestically and globally; domestic gold prices fluctuated in opposite directions.

USD is falling both domestically and globally.

Today, VCB's USD selling price reversed direction, falling by 40 dong in both buying and selling directions, while the global USD continued to decline.

The central exchange rate of VND/USD, announced by the State Bank of Vietnam, has been adjusted to 24,014 VND/USD, an increase of 18 dong compared to the trading session on February 27th.

Currently, the permitted exchange rate for commercial banks ranges from 23,400 to 25,164 VND/USD. The US dollar exchange rate has also been brought within the buying and selling range of 23,400 to 25,164 VND/USD by the State Bank of Vietnam's Exchange Department.

VCB's USD selling price reversed direction, falling by 40 dong in both buying and selling rates.

This morning, the USD exchange rate and domestic foreign exchange rates saw a series of downward adjustments at various banks. Specifically, Vietcombank's buying rate was 24,430 and the selling rate was 24,800, a decrease of 40 dong compared to the trading session on February 27th. The current buying and selling prices of USD range from 23,400 to 25,300 VND/USD.

On the global market, the Dollar Index (DXY), which measures the USD against six major currencies (EUR, JPY, GBP, CAD, SEK, CHF), closed at 103.82 points - down 0.01% compared to the trading session on February 27.

Domestic gold prices fluctuated in opposite directions.

Today, SJC gold increased by 100,000 VND/ounce for buying and decreased by 100,000 VND/ounce for selling, with the price now falling below 79 million VND/ounce.

As of 5:00 AM on February 28, 2024, the gold prices on the exchanges of several companies were as follows:

DOJI lists the price of 9999 gold at 76.85 million VND/ounce for buying and 78.85 million VND/ounce for selling.

Domestic gold prices are fluctuating in opposite directions.

At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is being traded at 77.20 - 78.85 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 76.85 - 79.05 million VND/ounce (buying price - selling price).

According to Kitco, the spot price of gold in the world market at 5:00 AM Vietnam time today was $2,030.145 per ounce, down $3.08 per ounce compared to yesterday's price. Converted using the current exchange rate at Vietcombank, the world gold price is approximately VND 59.588 million per tael (excluding taxes and fees). Therefore, the price of SJC gold bars remains VND 17.312 million per tael higher than the international gold price.

Steel prices on the exchange rose again, while domestic prices remained stable.

Today's steel prices: The domestic market continues to remain stable; iron ore prices have fallen to their lowest level in four months.

On the exchange, the price of steel for May 2024 delivery on the Shanghai Futures Exchange rose by 21 yuan to 3,759 yuan per ton.

Iron ore futures prices fell on Monday to their lowest level in four months due to higher inventories in China, the main buyer, and slowing construction activity caused by unfavorable weather, raising concerns about demand, according to Reuters.

Iron ore futures for May delivery on China's Dalian Commodity Exchange (DCE) closed 3.21% lower at 875 yuan per ton ($121.57 per ton), the lowest level since October 27, 2023, after falling more than 6% over the past week.

The benchmark iron ore price for March delivery on the Singapore Exchange (SGX) fell 3.41% to $115.95 per ton, also the lowest level since October 27.

Domestically, steel consumption is projected to increase by approximately 6.4% in 2024, with exports rising to nearly 13 million tons. Global steel demand is forecast to recover strongly in 2024, increasing by 1.9% to 1.8 billion tons, thus creating significant opportunities for Vietnamese steel production, which is expected to grow by around 10% in 2024. Finished steel production in 2024 and 2025 is estimated at around 28-30 million tons, while domestic steel consumption is projected at approximately 22-23 million tons.

2024 is considered a pivotal year for the steel industry, with expectations that steel prices will continue to recover in the coming period. In particular, the recently passed amended Land Law by the 15th National Assembly is expected to have a positive impact on the real estate market, creating opportunities for the steel industry to boost growth.

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