Domestic gold fluctuates in opposite directions
At the time of survey at 5:00 a.m. on January 16, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold today at 73.95 million VND/tael for buying and 76.45 million VND/tael for selling.
At Mi Hong Jewelry Company, at the time of survey, the listed price of SJC gold was at 75.00 - 76.00 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is traded at 74.10 - 76.45 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is traded at 74.00 - 76.70 million VND/tael (buy - sell).
The world gold price recorded at 5:00 a.m. today, Vietnam time, was 2,054.765 USD/ounce, a difference of 5.61 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank , the world gold price is about 59.904 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 14.096 million VND/tael higher than the international gold price.
Gold prices rose in the trading session to recoup most of the losses in the new year as persistent tensions in the Middle East boosted safe-haven demand, while traders still waited for the US Federal Reserve to cut interest rates soon.
USD increased slightly
Today, VCB USD slightly increased by 5 VND in both buying and selling directions, world USD continued to increase slightly.
The central VND/USD exchange rate announced by the State Bank is adjusted to 23,976 VND/USD, an increase of 16 VND compared to the trading session on January 15.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 25,141 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam (SBV) from 23,400 to 25,141 VND/USD.
The USD exchange rate at banks and domestic foreign exchange rates this morning recorded a series of upward adjustments at banks. Specifically, Vietcombank has a buying price of 24,265 and a selling price of 24,635, up 5 VND compared to the trading session on January 15. The current USD buying and selling prices are in the range of 23,400 - 25,300 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 102.60 points - up 0.19% compared to the transaction on January 15.
Domestic coffee prices remain high
Updated at 5:12 a.m. on January 16, coffee prices decreased slightly, but still maintained a record high price, averaging 70,500 VND/kg in the Central Highlands provinces, the highest purchase price in Dak Nong province was 70,700 VND/kg.
Specifically, the coffee purchase price in Gia Lai and Kon Tum provinces is quite high at 70,600 VND/kg; In Dak Nong province, coffee is purchased at the highest price of 70,700 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 70,000 VND/kg.
In Dak Lak province, in Cu M'gar district, coffee is purchased at 70,500 VND/kg, and in Ea H'leo district, Buon Ho town, it is purchased at the same price of 70,600 VND/kg.
Gas market worries about supply shortage
Opening the trading session on the morning of January 16, in the US, natural gas prices increased by more than 400%, the spot price of Henry Hub in Louisiana increased to 17 USD/mmBTU, trading in the range of 15 - 17 USD.
Cold weather can cause freezes, where equipment involved in natural gas production or pipelines can malfunction, limiting supply. Rising spot gas prices could be a sign that traders are worried about high demand and the freezes reducing supply.
U.S. natural gas production has fallen, with output falling by 3.7 billion cubic feet per day (bcfd), down 3.4% over the past five days, culminating in a 10-week low of 104.5 bcfd on Friday. The decline is modest compared to the significant supply losses experienced during winter storms Elliott and Uri in December 2022 and February 2021, respectively.
In the domestic market, retail gas prices from the first day of the new year on January 1, 2024 will increase by 450 - 500 VND/kg (including value added tax). Accordingly, each gas cylinder will increase by 3,000 VND/6 kg, 6,000 VND/12 kg cylinder, 22,500 VND/45 kg cylinder and 25,000 VND/50 kg cylinder.
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