Gold suddenly reversed and increased sharply
Gold price today January 24: Domestic price increased sharply by half a million VND per tael in both buying and selling directions, world gold price reversed and increased slightly.
At the time of survey at 5:00 a.m. on January 24, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 73.95 million VND/tael for buying and 76.45 million VND/tael for selling.
SJC gold price at Bao Tin Minh Chau Company Limited is traded at 74.05 - 76.35 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is traded at 74.05 - 76.55 million VND/tael (buy - sell).
The world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,028.840 USD/ounce, a difference of 9,085 USD/ounce compared to yesterday's gold price. 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 14.62 million VND/tael higher than the international gold price.
USD increased simultaneously
The USD exchange rate today, January 24, turned around and increased by 25 VND in both buying and selling directions. The world USD continued to increase in price to the highest level in 6 weeks.
The central VND/USD exchange rate announced by the State Bank is adjusted to 24,030 VND/USD, down 1 VND compared to the trading session on January 23.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,181 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 25,181 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 103.60 points - up 0.43% compared to the transaction on January 23.
Steel continues to rise on the stock exchange
Today, the price of steel for delivery in May 2024 on the Shanghai Stock Exchange increased by 31 yuan to 3,906 yuan/ton.
Iron ore futures traded in a narrow range on Monday (Jan 22), with benchmark prices on the Dalian Commodity Exchange (DCE) rising and those on the Singapore Exchange (SGX) falling, as investors weighed the demand outlook in the absence of expected monetary easing in top consumer China, Reuters reported.
The May iron ore futures contract on the DCE closed 0.53% higher at 952 yuan ($132.29) a tonne, extending gains to a third straight session.
Market participants are now betting on the demand outlook for the first half of the year, analysts at Galaxy Futures (GF) said, expecting steel consumption to pick up in the first half, underpinned by demand from the infrastructure sector and a stable real estate market.
The domestic steel market continues to wait for mills’ 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 demand recovery in the southern market.
Steel prices today in the domestic market continue to move sideways, without major fluctuations.
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