Gold price forecast to break peak next week
At the time of survey at 5:00 a.m. on March 4, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 77.65 million VND/tael for buying and 80.25 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, the price of Mi Hong gold at the time of survey listed the price of SJC gold at 78.00 - 79.00 million VND/tael (buy - sell).
Bao Tin Minh Chau Company Limited is also traded by businesses at 77.85 - 80.25 million VND/tael (buy - sell).
The world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,082.730 USD/ounce. Converted according to the current exchange rate at Vietcombank, the world gold price is about 61.157 million VND/tael (excluding taxes and fees).
This week, 14 analysts participated in the Kitco News Gold Survey, and none of them predicted that gold prices will fall in the coming week (March 4-8). The survey found that 11 analysts, or 79%, were bullish on the outlook; while 3 analysts, or 21%, were neutral on the precious metal.
Japanese Yen exchange rate falls at banks
Japanese Yen exchange rate surveyed on the morning of March 4, 2024 at banks, specifically as follows:
At Vietcombank , the Vietcombank Japanese Yen exchange rate is 158.96 VND/JPY and the selling rate is 168.25 VND/JPY, down 0.62 VND on the buying side and down 0.66 VND on the selling side.
At Vietinbank, the Yen exchange rate decreased by 0.09 VND in both buying and selling directions, equivalent to 160 VND/JPY and 169.7 VND/JPY.
At BIDV Bank, the Japanese Yen exchange rate decreased by 0.65 VND in buying and 0.69 VND in selling, reaching 160.01 VND/JPY and 168.45 VND/JPY, respectively.
At Agribank, the Japanese Yen exchange rate for buying and selling is 159.88 VND/JPY and 168.02 VND/JPY - down 0.59 VND for buying and down 0.63 VND for selling.
At Eximbank, the buying price decreased by 0.95 VND and the selling price decreased by 1.05 VND, respectively at 161.12 VND/JPY and 165.7 VND/JPY.
At Techcombank, the Japanese Yen exchange rate decreased by 0.71 VND in buying and decreased by 0.76 VND in selling with prices of 157.51 VND/JPY and 170.02 VND/JPY, respectively.
At Sacombank, the Japanese Yen exchange rate decreased by 0.88 VND in buying and decreased by 0.84 VND in selling, corresponding to the prices of 161.78 VND/JPY and 166.85 VND/JPY.
Oil is trending up.
In the world market, gasoline prices today, March 4, are likely to increase following last week's increase.
Last week, world oil prices recorded an impressive weekly increase after a sharp decrease the week before.
The rise in oil prices in early trading last week was supported by concerns about weakening supply due to a decline in US refining activity, along with shipping in the Red Sea still threatened by attacks by Houthi forces.
The upward trend in oil prices continued in the second trading session of last week. In this session, Brent oil prices increased by 1.4% while WTI oil prices increased by 1.7%.
Oil prices accelerated after news emerged that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) were considering extending voluntary oil production cuts of 2.2 million barrels per day into the second quarter, or even until the end of the year. Along with that, reduced supplies from major oil producers in the world plus disruptions in supply through the Red Sea when the Houthis announced that they would only stop attacks when Israel ended its Gaza offensive also supported oil prices.
Closing last week, Brent oil price was fixed at 83.55 USD/barrel while WTI oil price ended the week at 79.97 USD/barrel.
Coffee prices continue to rise
Domestic coffee prices were updated at 4:12 a.m. on March 4, 2024, continuing to increase and reaching a new peak, an increase of about 500 - 600 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 85,700 VND/kg, the highest purchase price in Dak Nong province is 86,000 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 85,700 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 86,000 VND/kg.
The price of green coffee beans (coffee beans, fresh coffee beans) in Lam Dong province in districts such as Bao Loc, Di Linh, Lam Ha, coffee is purchased at 85,100 VND/kg.
In Dak Lak province, it is purchased at a price from 85,700 VND/kg to 85,800 VND/kg.
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