Domestic and international USD both increase; Gold continues to increase strongly

Domestic and international USD surge together

USD exchange rate today March 1, 2024, USD VCB reversed to increase by 30 VND in both buying and selling directions, at the same time the world USD continued to increase.

The central VND/USD exchange rate announced by the State Bank is adjusted to 24,002 VND/USD, down 1 VND compared to the trading session on February 29.

Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,152 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 25,152 VND/USD.

Domestic and international USD prices are rising.

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 24,450 and a selling price of 24,820, an increase of 30 VND compared to the trading session on February 29. 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 104.10 points - up 0.12% compared to the transaction on February 29.

Gold continues to rise strongly

Today, SJC gold continued to increase by 200,000 VND/tael in both buying and selling directions, bringing the gold price to 79.52 million VND/tael, world gold continued to increase strongly.

At the time of survey at 5:00 a.m. on March 1, 2024, the gold price on the trading floors of some companies was as follows:

DOJI listed the price of 9999 gold at 77.45 million VND/tael for buying and 79.45 million VND/tael for selling.

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 77.65 - 79.45 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 77.45 - 79.65 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,043.930 USD/ounce, a difference of 10,115 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 60.042 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 17.458 million VND/tael higher than the international gold price.

Contrasting fluctuations between paddy and rice

Today's rice prices in the Mekong Delta increased with rice prices increasing, while prices of other types of rice remained stable.

The price of rice of all kinds on the market today tends to increase from 100 - 200 VND/kg. The average price of rice in the Mekong Delta fluctuates around 11,900 - 14,700 VND/kg. In An Cu (Cai Be, Tien Giang), raw rice is coming in slowly. Rice prices have increased slightly. In Sa Dec (Dong Thap), the price of rice at the market is stable, the price of good rice has increased slightly by 100 VND/kg compared to yesterday.

While rice prices increased slightly, the prices of other types of paddy tended to remain stable. In many localities such as Can Tho, Tien Giang, An Giang, Dong Thap, Soc Trang, Kien Giang... the average price of fresh paddy in the field fluctuated around 7,200 - 8,000 VND/kg.

In the export market, Vietnam's rice export prices have been adjusted down by 8-10 USD/ton. According to the Vietnam Food Association (VFA), the current price of 25% broken rice is at 576 USD/ton, down 8 USD/ton; 5% broken rice is at 600 USD/ton, down 9 USD/ton; 100% broken rice is stable at 498 USD/ton, down 10 USD/ton.

According to exporters, the main reason for the decrease in the prices of some types of Vietnamese rice exports is due to psychological factors. Currently, rice importers know that Vietnam is entering the biggest rice harvest season of the year, so they are not in a hurry to buy but are waiting for a good price. While seasonal factors have become a rule for many years, this year, due to the high price of Vietnamese rice, the decrease is more dramatic.

However, these businesses also believe that the decrease in rice prices is only temporary, the high demand for rice imports from many countries will quickly increase rice prices again, especially in the context of El Nino causing drought, reducing rice supply in many countries as it is now.

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