| Economic and market news on March 4, 2024: World gold prices tend to decrease, domestic prices remain high. Gold price today March 5, 2024: Gold prices "skyrocketed" to mark an all-time high. |
Gold prices continue to rise
The world gold price today (March 5) had a spectacular breakthrough, the spot price increased by 34.9 USD to 2,115.1 USD/ounce. Gold futures last traded at 2,124.4 USD/ounce, up 28.7 USD compared to early yesterday morning.
The domestic gold bar price also continues to fluctuate. Currently, the SJC brand gold bar price is listed at 78.90 million VND/tael for buying and 80.75 million VND/tael for selling. Thus, compared to early yesterday morning, the SJC gold price has been adjusted up 600,000 VND for buying and 100,000 VND for selling.
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| Domestic gold price today "climbs" following world price |
Gold rings also increased following the world gold price. At Bao Tin Minh Chau, at 9am this morning, the price of gold rings was trading around 67.38 million VND/tael for buying and 68.58 million VND/tael for selling.
The US dollar fell
Early morning on March 5, the State Bank announced the central exchange rate of the Vietnamese Dong against the USD increased by 2 VND, currently at 24,004 VND. Meanwhile, in the US market, the US Dollar Index (DXY) measuring the fluctuations of the greenback against 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF) decreased by 0.03%, to 103.83.
The dollar slipped against the euro ahead of this week's round of news on the UK budget, the European Central Bank meeting and US jobs data.
Markets have priced in the first rate cut as early as 2024. However, as economic data showed the US economy remained solid while inflation remained stubborn, traders have reduced bets on early rate cuts from the Fed.
Pepper exports increase sharply
In the first two months of this year, the average export price of pepper reached 4,041 USD/ton, up 28.7% over the same period in 2023. The main reason is that black pepper in the domestic market fluctuated in an upward trend and remained at a high level, while the harvest output was not much. Pepper prices currently peaked at 96,000 VND/kg. In addition, the strong demand for pepper from China pushed up the price of the commodity.
Vietnam is the world's largest pepper exporter. Last year, our country exported pepper to more than 100 countries and territories, of which China was the largest market.
Proposal to change conditions for purchasing social housing
The Ministry of Construction is seeking comments on a draft Decree on the development and management of social housing, which includes a proposal to loosen income requirements for buyers.
Accordingly, the income conditions for social housing buyers proposed in the draft Decree on the development and management of social housing must meet the following conditions: The average monthly income of the applicant and his/her spouse must not exceed 15 million VND/month calculated according to the salary and wage table confirmed by the agency or unit where the applicant works. The period for determining the income conditions is within 3 years immediately preceding the year of consideration for purchasing or leasing social housing.
Thus, compared with the old regulations, the income level of social housing buyers has been proposed by the Ministry of Construction to increase by 4 million compared to the previous regulation.
Hanoi speeds up progress of 49 investment projects
Hanoi will inspect and evaluate 49 investment projects, including 30 public investment projects and 19 non-budget projects.
In 2024, the Prime Minister assigned Hanoi's public investment plan of VND81,033 billion, 1.72 times higher than in early 2023; of which, investment from land use revenue is VND36,100 billion, 2.24 times higher than the 2023 plan assigned at the beginning of the year.
Forecasting that 2024 will still face many challenges and difficulties in disbursement rates, capital mobilization and existing problems and transitional issues, the Hanoi People's Committee requested relevant sectors, localities and units to have drastic solutions right from the beginning of the year to disburse all assigned capital plans.
The city requested to accelerate the implementation and disbursement of the 2024 public investment plan at the city and district levels; focusing on key projects and works of the city and projects assigned with capital plans for 2024.
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