Retail News CRM

Tag: 6-week

  • Gold Prices Plunge to 6-Week Low Amid Rising Oil Prices and Anticipated Federal Rate Hikes

    Gold Prices Plunge to 6-Week Low Amid Rising Oil Prices and Anticipated Federal Rate Hikes

    Gold prices in Vietnam experienced a notable decline on Thursday, marking their lowest level since the 11th of June. The downturn continued from the morning into the afternoon session, reflecting a trending decrease in gold prices throughout the year.

    Trends in Gold Prices

    The Saigon Jewelry Company reported a drop of 1.41% in the price of their gold bars, bringing the price to VND140 million, or US$5,321.37, per tael. This decrease marks a total decline of 4.11% since Wednesday’s close. Additionally, the cost of a gold ring plummeted by 1.85%, settling at VND143.3 million per tael. Overall, gold prices in Vietnam have fallen by 8.4% this year.

    Internationally, the value of gold also fell on Thursday, drifting down from a two-week peak reached earlier. This worldwide decrease was caused by various factors, including a growing conflict in the Middle East, which has led to a surge in oil prices. Traders are also awaiting the outcomes of the Federal Reserve policy meeting next week for indications regarding the possible timing of interest rate hikes.

    Spot gold fell by 0.6%, bringing the price to $4,103.39 per ounce. This shift comes after spot gold reached its highest value since July 7th at $4,165.87 on Wednesday. Concurrently, August delivery for U.S. gold futures dropped by 1.1% to $4,106.40.

    Market Influences and Future Predictions

    These changes in the gold market can be attributed to various causes, as explained by Jigar Trivedi, a senior research analyst at IndusInd Securities. According to him, “Rising oil prices have contributed to escalating inflation and the anticipation of Fed rate hikes. Consequently, these factors have limited the positive momentum in the gold market as the dollar weakens.”

    Questions & Answers

    What factors are causing the drop in gold prices?
    A combination of escalating inflation, expected Fed rate hikes, and a weakening dollar have influenced the gold market negatively, resulting in a price drop.

    What is the current trend in Vietnam’s gold market?
    The gold market in Vietnam has been experiencing a downward trend, with an 8.4% decrease in prices so far this year.

    How has the conflict in the Middle East affected global gold prices?
    The escalating conflict in the Middle East has driven up oil prices. As a result, inflation has increased and gold prices have fallen globally.

  • Rocketing Fuel Prices: Gasoline Hits 6-Week High in Vietnam Amid Global Oil Market Turmoil

    Rocketing Fuel Prices: Gasoline Hits 6-Week High in Vietnam Amid Global Oil Market Turmoil

    Gasoline prices in Vietnam experienced an unprecedented surge on Thursday, reaching their highest levels since September 18. The widely used fuel RON95 skyrocketed by 3.85%, now costing VND20,480 (equivalent to US$0.78) per liter.

    Increases Across Fuel Types

    This upward trend was not exclusive to RON95. Biofuel E5 RON92 also saw a significant rise of 3.73%, now priced at VND19,760 per liter. Additional increases were noted in diesel prices, which escalated by 7.38% to reach VND19,200 per liter, marking the highest diesel prices since July 1.

    Global Influences on Oil Market

    Several international factors influenced the global oil market over the past week, prompting these price increases. One such factor is the U.S. government’s imposition of sanctions on Russia’s two largest oil and gas corporations. Other influential factors include the recent U.S. trade negotiations with India and China, as well as the projected rise in oil production by OPEC+ in December.

    The wholesale prices of these fuels have also been affected. RON95’s price per barrel has risen by 5.1% to stand at $82.2, while diesel’s price per barrel increased by 8.9% to reach $90.94.

    Questions & Answers

    What has caused the recent surge in gasoline prices in Vietnam?
    Multiple factors have contributed to the recent surge in gasoline prices, most notably international influences such as U.S. sanctions on Russia’s largest oil and gas corporations, recent U.S. trade negotiations with India and China, and expected production increases by OPEC+ in December.

    What fuels have been affected by the price increase?
    The price increase has affected multiple fuel types, including the widely used RON95, Biofuel E5 RON92, and diesel.

    How have wholesale fuel prices been impacted?
    Wholesale prices for fuels like RON95 and diesel have also seen significant increases. The price per barrel for RON95 has risen by 5.1% to $82.2, while diesel’s price per barrel has increased by 8.9% to reach $90.94.