Gold Rush Halt: Prices Freeze in Anticipation of Market Shift
Stocks ‘wait’ for important events this week; Dragon fruit crop still yields profit of over 10,000 VND/kg
– Gold price: All remained unchanged
Gold prices on September 15 in the domestic market, gold bars and gold rings all remained unchanged across all brands.
SJC gold in Hanoi and Da Nang: 78.5 million VND/tael for buying, 80.5 million VND/tael for selling (same price as September 14 in both directions).
SJC Phu Quy Gold: 78.5 million VND/tael for buying, 80.5 million VND/tael for selling (same price as September 14 in both directions).
DOJI Gold in Hanoi and DOJI in Ho Chi Minh City: 78.5 million VND/tael for buying, 80.5 million VND/tael for selling (same price as September 14 in both directions).
The price of SJC gold bars at Bao Tin Minh Chau Company Limited was traded by the enterprise at 78.5 million VND/tael for buying, 80.5 million VND/tael for selling (same price as on September 14 in both directions). The price of plain round gold rings was traded by the enterprise at 77.8 million VND/tael for buying, 79.08 million VND/tael for selling.
PNJ gold rings in Ho Chi Minh City and PNJ gold in Hanoi: 77.95 million VND/tael for buying, 79.1 million VND/tael for selling (same price as September 14 in both directions).
Thus, the domestic price of gold bars and gold rings on September 15 did not fluctuate across all brands, trading at over VND80 million/tael sold.
The spot gold price on the world market on the afternoon of September 15 stood at 2,578.6 USD/ounce. The futures gold price stood at 2,606.2 USD/ounce.
Commenting on the price of gold, experts said that gold has gone through a long and difficult journey and the upcoming monetary policy decision of the US Federal Reserve (Fed) will mark the beginning of a new journey for this precious metal. Analysts and investors are optimistic that the price of gold will continue to increase, expected to reach an unbelievable record of 3,000 USD/ounce.
– Stocks ‘waiting’ for important events this week
The market experienced a rather gloomy trading week with liquidity hitting its lowest level since April 2023 in the last two sessions of the week. It seems that investor sentiment is being greatly affected by the developments and severe consequences of storm No. 3, which disrupted the production and business activities of a number of enterprises. The market is also waiting for the State Bank’s response after the US Federal Reserve’s interest rate cut.
At the end of the week, VN-Index decreased by 1.75% compared to the previous week to 1,251 points. Foreign investors net sold 1,132 billion VND on all 3 exchanges.
Some sectors had more negative developments than the general market, such as insurance stocks falling across the board due to concerns about rising insurance claims costs due to storm No. 3. Two other large-cap sectors, Banking and Real Estate, also fell. NVL hit the floor due to unfavorable information about the possibility of not being allowed to trade on margin.
The quiet trading last week was seen by analysts in a number of ways, with caution continuing to prevail in the face of important macroeconomic developments. The market is also awaiting the State Bank’s response after the Fed’s interest rate cut. The biggest storm in decades hitting the North also disrupted the production and business activities of a number of enterprises.
This week, according to the analysis team of Bao Viet Securities (BVSC), global stocks will pay attention to the monetary policy meetings of several major central banks such as the US, UK, and China. The Fed is expected to start its interest rate cut cycle from this meeting.
– Dragon fruit in the favorable season still gives profit of more than 10,000 VND/kg
Currently, although it is a favorable season, dragon fruit prices in Tien Giang province are still high, and gardeners are making a good profit. Gardeners are actively taking care of the fruit and preparing for mass harvest.
At this time, the price of red-fleshed dragon fruit is around 20,000 VND/kg, especially grade 1 which is over 25,000 VND/kg, 10,000 – 12,000 VND/kg higher than last month. In the favorable season, dragon fruit gardens do not have to be “treated” with electric fumigation like in the dry season; at the same time, there is no cost for pumping water, so each kg of dragon fruit gardeners earn a profit of more than 10,000 VND.
The whole Tien Giang province currently has more than 9,000 hectares of land for growing dragon fruit; of which the area of gardens for harvest is about 7,500 hectares, the yield is nearly 35 tons/ha, the output is over 260,000 tons/year. The main dragon fruit production areas are concentrated in 4 districts: Cho Gao, Go Cong Tay, Tan Phuoc and Go Cong Dong. Dragon fruit is one of the fruit trees with the highest economic value among the 11 main specialty fruit trees of Tien Giang, with a profit of more than 300 million VND/ha/year.
To help export dragon fruit, the functional sector of Tien Giang province has supported gardeners to build 80 dragon fruit growing area codes with an area of over 6,140 hectares, granting export to markets such as Japan, the United States, Korea, Australia, and China; at the same time, building over 2,300 hectares of dragon fruit that meet GAP standards; of which, 2,196 hectares are VietGAP certified and 110 hectares are GlobalGAP certified. Cho Gao dragon fruit has been granted collective trademark protection by the Department of Intellectual Property.
– Storms may help Hoa Sen Group’s (HSG) galvanized steel consumption in the North increase by 36%
Under the impact of storms and floods in the North, the consumption output of galvanized steel of Hoa Sen Group (stock code HSG) in the fourth quarter of fiscal year 2024 may increase by 36% compared to the same period last year.
Accumulated in the first 3 quarters of the 2024 fiscal year, Hoa Sen Group (stock code HSG – HoSE) recorded total revenue of VND 29,162 billion, up 24% over the same period last year thanks to the strong recovery from domestic demand and stability in the export market.
In the third quarter of FY2024 (second quarter of 2024) alone, Hoa Sen Group’s galvanized steel consumption output reached more than 415,300 tons, an increase of 36.1% over the same period last year and an increase of 10.6% over the previous quarter.
Notably, although domestic consumption only accounted for 40% of total consumption in the third quarter of FY2024, demand increased by more than 42% compared to the same period of FY2023, led by demand in the Central and Northern regions. Specifically, consumption in the Central and Northern regions increased by 113% and 50% respectively compared to the previous quarter.
According to a recent assessment by Rong Viet Securities, the domestic market will become the main driving force for Hoa Sen Group in the second half of the year in the context of the export market facing many challenges.
Specifically, due to the impact of the rainy season, galvanized steel output consumed in the Northern market in the fourth quarter of FY2024 reached 65,222 tons, up 36% over the same period last year. In the South, with the gradual acceleration of residential real estate and industrial park construction activities, Hoa Sen Group’s output is expected to reach 82,635 tons, up 10% over the same period last year.
– US wants to tighten duty-free imports of Shein and Temu
The White House is looking to tighten import tariffs, targeting low-value duty-free shipments from major Chinese e-commerce platforms like Shein and Temu.
According to Nikkei, the US government said this move is aimed at limiting the number of low-value shipments imported into the US without being subject to duties under the “de minimis” regulation.
This provision, which has been part of the US Trade Act since 1930, allows packages under a certain value to be exempt from import duties. The provision was originally designed to simplify customs procedures for small shipments.
Currently, packages valued under $800 imported into the US are duty-free under the “de minimis” provision.
But the number of shipments benefiting from the de minimis rule has skyrocketed from 140 million to more than 1 billion in just a decade, according to White House statistics. Shein and Temu account for 30 percent of all shipments benefiting from the de minimis rule, according to estimates released by a U.S. House committee last year.
In a statement, the White House called on Congress to pass the legislation this year to protect American consumers, workers and businesses.