On December 24, 2024, commodity prices reflected various trends driven by market dynamics and external economic factors. Key changes were noted across several commodities, including gold, rice, coffee, and pepper.
Starting with gold, prices showed slight fluctuation on December 23 with local gold bars increasing marginally. The prices stood at 82.5 million VND per tael for buying and 84.3 million VND for selling the SJC 99.99 gold, both witnessing a rise of 700,000 VND from the previous early morning. The PNJ brand recorded similar increases with prices at 83.8 million VND for buying and 84.5 million VND for selling, up 400,000 VND for buying and 100,000 VND for selling.
Meanwhile, globally, gold's value decreased slightly with spot gold dropping by $9.5 to $2,613.6 per ounce, and futures down by $16 to $2,628.7 per ounce. This downward trend was attributed to the recovery of the US dollar and increasing US Treasury yields, as investors awaited signals about the Federal Reserve's monetary policy for 2025. The US Dollar Index rose by 0.4%, reducing gold's appeal. Despite recent cuts of 25 basis points by the Fed, the pace of these cuts has pushed gold prices to their lowest levels since November, though overall, gold prices surged by 27% over the year—marking the highest increase since 2010—due to significant purchases by central banks and geopolitical tensions. Analysts predict fluctuations may continue during Donald Trump's presidential term, which could push gold prices higher.
Looking ahead, the World Gold Council anticipates the gold market to maintain stability through the end of 2024, with slower increases expected next year. Experts estimate gold prices might reach $3,000 per ounce by 2025, but the substantial rise is anticipated only during the latter half of the year, with the first half seeing prices between $2,500 and $2,700 per ounce. Some specialists foresee gold increasing by 13% during 2025.
Switching gears to the rice market, according to reports from the An Giang Department of Agriculture and Rural Development, the price for IR 504 rice raw material rose slightly by 100 VND, now ranging from 9,200 to 9,400 VND per kilogram. Processed IR 504 rice also experienced similar growth, priced at 11,300 to 11,500 VND per kilogram. There has been tight supply at various local markets, leading to slight price adjustments depending on quality. Locations such as Lap Vo (Vam Cong, Dong Thap) and Sa Dec (Dong Thap) reported limited arrivals, with prices remaining stable. The standard rice prices fluctuated between 17,000 to 18,000 VND per kilogram.
Continuing with the rice trend, the higher-quality Nàng Nhen rice stands as the priciest at 28,000 VND per kilogram. Jasmine rice hovers between 17,000 to 18,000 VND; other varieties like Nàng hoa and Hương Lài are priced at 21,500 VND and 22,000 VND respectively. Additional rice variants also show varying prices based on quality, with overall market behavior being cautiously optimistic.
Report on the rice market also highlights the variation of fresh rice prices, primarily stabilizing yet showing slight upward trajectories. Current price for fresh IR 50404 rice is between 7,400 and 7,600 VND per kilogram, Lúa OM 5451 swings between 8,400 to 8,500 VND, and other varieties such as OM 18 are positioned at around 8,800 to 9,000 VND.
The exports of Vietnamese rice have remained stable with the Vietnam Food Association reporting the price for standard 5% broken rice at $502 per ton; the 25% broken variety at $470 per ton; and the 100% broken rice priced at $405 per ton.
Turning to the coffee sector, prices on December 24 fluctuated between 120,500 to 121,300 VND per kilogram. Key regions like Di Linh, Lam Ha, and Bao Loc recorded prices at 120,500 VND, with Dak Lak showing prices around 121,000 VND. The data indicates strong demand underlined by price resilience with slight increases noted compared to previous days.
Pepper prices currently stand between 144,000 to 145,000 VND per kilogram. Notably, Dak Lak and Dak Nong reported higher prices at 145,000 VND, albeit with minor reductions observed across various provinces such as Gia Lai and Dong Nai.
Overall, the price trends on December 24 reflect shifts adapted from regional supply, global monetary influences, and diverse market demands. Stakeholders within these commodity markets remain vigilant as they navigate these ceaseless changes.
