USD recovers
USD exchange rate today January 3, 2024, USD VCB increased by 75 VND in both buying and selling directions, world USD continued to increase to 102 points.
The central VND/USD exchange rate announced by the State Bank today is adjusted to 23,848 VND/USD, down 18 VND compared to the trading session on January 2.
Currently, the exchange rate allowed for trading by commercial banks ranges from 23,400 - 24,990 VND/USD. The US Dollar exchange rate has also been brought to the buying and selling range by the State Bank of Vietnam from 23,400 to 24,990 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 24,050 and a selling price of 24,420, an increase of 75 VND compared to the trading session on January 2. The current USD buying and selling prices are in the range of 23,400 - 25,300 VND/USD.
Domestic gold prices skyrocketed
Gold price today January 3, 2024: Domestic gold skyrocketed by more than 1 million VND per tael, currently fluctuating above 75 million VND/tael, world gold reversed and decreased slightly.
At the time of survey at 5:00 a.m. on January 3, 2024, the gold price on the trading floors of some companies was as follows:
DOJI listed the price of 9999 gold at 72.00 million VND/tael for buying and 75.00 million VND/tael for selling.
At Mi Hong Gold and Gemstone Company, at the time of survey, the listed price of SJC gold was at 72.00 - 75.00 million VND/tael (buy - sell).
SJC gold price at Bao Tin Minh Chau Company Limited is also traded by the enterprise at 71.10 - 74.95 million VND/tael (buy - sell). Meanwhile, at Bao Tin Manh Hai, it is being traded at 71.10 - 75.40 million VND/tael (buy - sell).
According to Kitco, the world gold price recorded at 5:00 a.m. today, Vietnam time, was at 2,060.135 USD/ounce. Today's gold price decreased by 2,835 USD/ounce compared to yesterday's gold price. Converted according to the current exchange rate at Vietcombank, the world gold price is about 59.715 million VND/tael (excluding taxes and fees). Thus, the price of SJC gold bars is still 12.285 million VND/tael higher than the international gold price.
Steel prices rise again on the exchange
Today's steel price on the Shanghai Stock Exchange increased by 3,954 yuan/ton; Steel prices in the domestic market tended to increase slightly.
The price of steel for delivery in May 2024 on the Shanghai Futures Exchange increased by 25 yuan, recording 3,954 yuan/ton.
Steel prices are expected to continue to increase at a slight margin in the coming time.
On the Singapore Exchange (SGX), the benchmark iron ore contract SZZFG4 for February delivery closed 1.3% higher at $137.24 a tonne.
For the month, the contract posted a 7.4% gain, also marking its fifth consecutive monthly gain. The benchmark contract ended the year up 26.4%.
Domestic steel prices tend to recover. In a recent report, KB Vietnam Securities Company stated that domestic steel prices tend to increase slightly in the fourth quarter of 2023, after the period when cheap inventories imported from China were consumed. Therefore, the gross profit margin of enterprises will be less affected by the recent increase in ore prices. In addition, China's policy of restricting crude steel production in the fourth quarter of 2023 (to reduce environmental impact) will push up selling prices in the final months of the year.
This recovery will positively impact domestic demand for construction steel.
It is expected that in 2024, public investment disbursement activities will continue to flourish, along with the disbursement of backlogged projects from 2023 and the Government's additional economic stimulus package. However, it should be noted that the proportion of steel in public investment projects is not much, so the contribution to consumption is still low.
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