World gold is 11.5 million VND/tael lower than SJC; Gas price in August increased again after 2 consecutive months of decrease

World gold is 11.5 million VND/tael lower than SJC

Today's gold price (August 3), the world continued to decrease by 13 USD/oz to 1,935 USD/oz, 11.50 million VND/tael lower than the current SJC gold selling price.

World gold prices continued to plummet. At the end of the trading session on August 2 (US time), the spot gold price on Kitco was only at 1,935 USD/oz, down 13 USD/oz compared to the beginning of the session. Converting the world gold price according to the foreign exchange rate at Vietcombank this morning: 1 USD = 23,895 VND, the world gold price is equivalent to 55.70 million VND/tael, 11.50 million VND/tael lower than the SJC gold selling price on the afternoon of August 2.

SJC gold price drops to 67.2 million VND/tael. Illustrative photo

At the close of trading on August 2, Saigon Jewelry Company listed the buying price of gold at VND66.60 million/tael; the selling price was VND67.20 million/tael, down VND50,000/tael in both buying and selling prices compared to the opening of the trading session on the same day. The difference between the buying and selling prices of SJC gold remained at VND600,000/tael.

In the world market, at the end of the afternoon of August 2 (Vietnam time), the gold price traded on Kitco floor was at 1948.7 USD/oz, down 0.9 USD/oz compared to the early morning of the same day.

Gas prices in August increased again after 2 consecutive months of decrease

Gas prices today (August 3), in the early morning (Vietnam time), gas prices decreased by 0.24% to 2.48 USD/mmBTU for natural gas contracts for delivery in September 2023.

In the domestic market, gas prices in August increased again after 2 consecutive months of decrease. Specifically, the retail price of Petrolimex gas cylinders (including VAT) in August 2023 in the Hanoi market is 380,160 VND/12 kg household cylinder; 1,520,640 VND/48 kg industrial cylinder, respectively increasing by 26,360 VND/12 kg cylinder and 105,640 VND/48 kg cylinder (including VAT).

According to Petrolimex representative, the reason for the increase in retail gas price in August is because the average world gas price contract in August was at 465 USD/ton, an increase of 77.5 USD/ton compared to July, so the company made adjustments according to the corresponding increase.

As for the products of Saigon Petro Company Limited (Saigon Petro), from August 1, a new price has also been set, the selling price of Saigon Petro gas increased by VND 2,208/kg (including VAT), equivalent to an increase of VND 26,500/12 kg cylinder. With this increase, each 12 kg Saigon Petro gas cylinder will be sold at VND 373,500/12 kg cylinder.

Domestic gas prices in August increased again after two consecutive months of decline.

Similarly, the gas price of Pacific Petroleum Trading Joint Stock Company increased by VND26,000/12 kg cylinder and VND108,000/50 kg cylinder. Accordingly, the maximum retail price to consumers of this brand is VND411,000/12 kg cylinder and VND1,711,000/50 kg cylinder.

Thus, after 3 consecutive months of peaking, each 12 kg gas cylinder increased by 72,000 VND, then in June 2022, it suddenly turned around and decreased sharply by 31,000 VND and continued to decrease by 18,500 VND in July. However, in August, gas prices continued to increase again after 2 consecutive months of decrease. Domestic gas prices depend on world developments because domestic supply can only proactively cover about 60% of consumption.

Several factors can contribute to gas prices, including increased gas production, supply and demand, as well as changes in energy policy and market volatility. These fluctuations indicate the direction gas prices have been taking in recent times.

Pepper price increased by 1,000 VND/kg in the Central Highlands

Pepper prices today (August 3), in the domestic market continue to increase. Accordingly, pepper prices in the Central Highlands provinces are purchased by traders around 69,500 - 70,500 VND/kg.

In the Southeast region, pepper prices today also increased by 500 VND/kg. Currently, pepper prices in this region are being purchased around 71,000 - 72,500 VND/kg.

Accordingly, in Dong Nai, pepper price is 71,000 VND/kg, up 500 VND/kg. Pepper price in Binh Phuoc is 71,500 VND/kg, up 500 VND/kg. Pepper price in Ba Ria Vung Tau is still the highest and today is purchased by traders at 72,500 VND/kg, up 500 VND/kg.

Thus, today's pepper price in the domestic market continued to increase by 500 VND/kg in the Southeast and 1,000 VND/kg in the Central Highlands. This is the third consecutive increase in the past week. After the adjustment, the domestic pepper price increased by 2,000 - 2,500 VND/kg compared to the end of last week.

Preliminary data from the General Statistics Office shows that Vietnam's pepper exports in July 2023 reached 16,000 tons with a turnover of 59 million USD, down 14.3% in volume and 25.1% in turnover compared to the same period in 2022. This is also the lowest export volume in the past 5 months.

The bright spot is that the average export price of pepper in July 2023 continued to increase by 2.1% compared to June 2023, reaching 3,688 USD/ton - the highest level since November 2022. However, the current export price is still nearly 13% lower than the same period in 2022.

In the first 7 months of 2023, Vietnam's pepper exports reached 169,000 tons, worth 542 million USD, up 18.6% in volume and down 15.1% in value over the same period in 2022. Pepper export prices in the first 7 months of the year averaged 3,214 USD/ton, down 28.4% over the same period in 2022.

Vietnam aims to increase rice exports

Vietnam plans to increase rice exports as some countries have issued bans on the export of this commodity.

The above information has just been released by the Ministry of Agriculture and Rural Development. According to the Department of Crop Production, rice production from the North to the South is progressing well. To have more supply, the Department of Crop Production will also adjust the area of the autumn-winter crop in the Mekong Delta to increase by 50,000 hectares.

xk-gao-2105283320230722082412.9455030.jpeg — Vietnam plans to increase rice exports. Illustrative photo.

The target of achieving an output of more than 43 million tons of rice this year is considered feasible as Vietnam has a lot of experience in weather response and pest management.

After the successful winter-spring and summer-autumn crops, the Mekong Delta provinces have sown one-third of the autumn-winter rice area, equivalent to 300,000 hectares. The autumn-winter crop is expected to supply the market with more than 300,000 tons of rice. In the current context, good control of supply in terms of both quantity and quality will help Vietnam seize the opportunity.

Many experts predict that the positive signals on the rice market price will continue into next year. Therefore, this is not only the time for Vietnam to take advantage of the price, but also the time to expand the market, as well as contribute to the supply and ensure food security in the world. The value of rice export turnover this year is expected to exceed 4 billion USD.

This weekend, a conference between relevant ministries, sectors and Mekong Delta provinces will be held. This is an opportunity for all parties to sit down and make reasonable calculations between immediate opportunities and long-term benefits that need to be ensured.

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