Gold hits new year peak; Domestic steel to increase by 6%

Gold hits first peak of the year

Gold price today (March 2) reached nearly 80 million VND with a further increase of 300,000 VND per tael, world gold price increased shockingly, setting the first record high in 2024.

Survey at 5:00 a.m. on March 2, gold prices on the trading floors of some companies are as follows:

Gold prices increased sharply today.

Today's 9999 gold price is listed by DOJI at 77.75 million VND/tael for buying and 79.75 million VND/tael for selling.

Mi Hong Jewelry Company surveyed and listed the price of SJC gold at 78.30 - 79.30 million VND/tael (buy - sell).

SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 78.10 - 79.75 million VND/tael (buy - sell).

According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,084.375 USD/ounce, a difference of 40,445 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 61.205 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 16.595 million VND/tael higher than the international gold price.

Gold started March on a positive note, with prices rising to a two-month high in today's session after weak economic data reinforced expectations of a US interest rate cut in June.

Crude oil rose at the end of the week

According to data from Oilprice, at 8:24 p.m. on March 1 (Vietnam time), Brent oil price was trading at 83.2 USD/barrel, up 1.29 USD, equivalent to 1.57% compared to the previous session. Meanwhile, WTI oil price was at 79.6 USD/barrel, up 1.34 USD, equivalent to 1.71% compared to the previous session.

Crude oil prices rose at the end of the week.

Oil prices rose on speculation that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will continue to cut production in the second quarter of 2024.

With the demand outlook still uncertain, OPEC will extend the current supply deal until the end of the second quarter of 2024, ANZ Bank analysts said.

A Reuters survey showed that OPEC pumped 26.42 million barrels of oil per day in February 2024, up 90,000 barrels per day from the previous month.

The decision to extend the production cuts is expected to take place in the first week of March 2024, sources said. Countries will announce their own decisions.

Concerns about OPEC+ extending production cuts could help keep oil prices high.

Domestic steel will increase by 6% compared to 2023

Steel prices today (March 2) on the Shanghai Stock Exchange decreased by 13 yuan/ton.

The most-traded May iron ore contract on China's Dalian Commodity Exchange (DCE) closed 0.17% lower at 892 yuan a tonne ($124.00 a tonne).

The benchmark SZZFH4 iron ore price for March delivery on the Singapore Exchange (SGX) increased 0.46% to $116.55/ton.

Domestic steel prices are forecast to increase by 6%.

In the domestic steel market today, domestic steel purchasing prices remain flat. However, according to a report by MBS Research, domestic construction steel prices in 2024 will increase by 6% compared to 2023, reaching an average of VND15 million/ton. Currently, the difference between Vietnamese and Chinese steel prices is USD30/ton (lower than the average of USD50 in the past 2 years). This helps domestic steel not be under pressure to reduce prices from China.

Domestic coffee continues to climb

Domestic coffee prices were updated at 5:36 a.m. on March 2, continuing to climb; increasing by 1,300 VND/kg. Currently, the average purchase price in the Central Highlands provinces is 84,500 VND/kg, the highest purchase price in Dak Nong and Dak Lak provinces is 84,700 VND/kg.

Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is at a fairly high level, at 84,500 VND/kg; in Dak Nong province, the purchase price is the highest at 84,700 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, is purchased at 84,000 VND/kg.

In Dak Lak province, it is purchased at 84,600 VND/kg to 84,700 VND/kg./.

Source: https://baonghean.vn/vang-lap-dinh-tu-dau-nam-thep-trong-nuoc-se-tang-6-post285630.html