Gold surges dramatically, continuing to set new highs.
Today, SJC gold increased by 400,000 VND/ounce for both buying and selling, while world gold prices continued their sharp rise, setting a new record high.
As of 5:00 AM on March 6th, the gold prices on the exchanges of several companies were as follows:
DOJI lists the price of 9999 gold at 78.75 million VND/ounce for buying and 80.75 million VND/ounce for selling.
At Bao Tin Minh Chau Co., Ltd., the price of SJC gold is also being traded at 78.85 - 80.70 million VND/ounce (buying price - selling price). Meanwhile, at Bao Tin Manh Hai, it is being traded at 78.85 - 80.90 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 $2,129.565 USD/ounce, a difference of $11.67 USD/ounce compared to yesterday's price. Converted using the current exchange rate at Vietcombank , the world gold price is approximately VND 62.634 million/ounce (excluding taxes and fees). Therefore, the price of SJC gold bars is still VND 16.166 million/ounce higher than the international gold price.
USD plummets
The USD exchange rate continued to rise by 10 dong today for both buying and selling, while the global USD price plummeted.
The central exchange rate of VND/USD, announced by the State Bank of Vietnam, has been adjusted to 24,012 VND/USD, an increase of 8 dong compared to the trading session on March 5th.
Currently, the permitted exchange rate for commercial banks ranges from 23,400 to 25,162 VND/USD. The US dollar exchange rate has also been brought within the buying and selling range of 23,400 to 25,162 VND/USD by the State Bank of Vietnam's Exchange Department.
This morning, the USD exchange rate and domestic foreign exchange rates saw a series of upward adjustments at various banks. Specifically, Vietcombank's buying rate was 24,480 and the selling rate was 24,850, an increase of 10 dong compared to the trading session on March 5th. 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 103.77 points – down 0.06% compared to the trading session on March 5th.
Hot-rolled steel prices may cool down in March.
Today, steel prices for May 2024 delivery on the exchange fell, and hot-rolled steel prices in the domestic market are forecast to cool down in March.
Steel futures for May 2024 delivery on the Shanghai Futures Exchange fell 60 yuan to 3,698 yuan per ton.
Iron ore futures contracts for May delivery on China's Dalian Commodity Exchange (DCE) closed 1.75% lower at 871.5 yuan per ton ($121.09 per ton), down 3.6% from the previous week.
According to market research firm Kallanish, the hot-rolled coil (HRC) market in Vietnam is sluggish amid weak demand. Notably, last week, Formosa Ha Tinh Steel (FHS) lowered HRC prices for shipments to the domestic market.
Accordingly, FHS reduced its selling price by approximately $10/ton to around $598/ton for orders exceeding 20,000 tons. Orders between 10,000 and 20,000 tons were offered at $602/ton, for SAE 1006 HRC and SS400 HRC grades, for delivery in April-May 2024.
Hoa Phat Group's Dung Quat refinery may also lower HRC prices this March to increase its competitiveness in the market. Kallanish predicts that Hoa Phat Group could reduce HRC prices to 580-590/ton CFR Vietnam.
Domestic coffee prices have surged, continuously reaching new highs.
As of 4:12 AM on March 6th, domestic coffee prices continue to rise and repeatedly reach new highs. Currently, the average purchase price in the Central Highlands provinces is 86,800 VND/kg, with the highest purchase price in Dak Nong province at 87,100 VND/kg.
Specifically, the purchase price of coffee in Gia Lai and Kon Tum provinces was quite high at 86,800 VND/kg; in Dak Nong province, coffee was purchased at the highest price of 87,100 VND/kg.
In Lam Dong province, in districts such as Bao Loc, Di Linh, and Lam Ha, green coffee beans are being purchased at a price of 86,200 VND/kg.
In Cu M'gar district, Dak Lak province, coffee is being purchased at 86,900 VND/kg, while in Ea H'leo district and Buon Ho town, it is being purchased at the same price of 87,000 VND/kg.
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