Gold falls into a less favorable investment cycle
Precious metals analyst at Standard Chartered said that in the summer months, the price of gold is likely to fall due to the slowing of the investor consumption cycle.
Gold price opened on the first day of the week, June 12, gold bars of national brand SJC of Saigon Jewelry Company (SJC) listed for buying and selling in the range of 66.4-67 million VND/tael.
Gold price today is equal to the price 1 week ago in both buying and selling direction. Thus, for 2 consecutive weeks, the gold price was almost unchanged.
Currently, the price difference between buying and selling has decreased by 100,000 VND/tael, to 600,000 VND/tael.
The price of gold jewelry, 24K gold rings of all kinds today traded around 55.6 – 56.55 million VND/tael, respectively. Compared to last week, gold price today increased slightly by 100,000 VND/tael. The difference between buying and selling gold jewelry decreased by 50,000 VND/tael, remaining at 950,000 VND/tael.
At the opening of the week, it can be seen that today’s gold price in the domestic market is trying to hold on to the threshold of 67 million dong/tael despite the fluctuations in world gold prices over the past weeks when moving away from the threshold of 2,000 USD/ounce.
Gold jewelry, gold rings, after a period of closely following the world gold price, but the decrease is also less, now there is a significant gap compared to the world gold..
Currently, the gap between domestic and international gold prices inched up compared to last week, world gold is about 11.5 million dong/tael lower than SJC gold bar, about 1 million dong/tael lower than ring gold.
Gold price today on the international market did not meet expectations, although before that, both analysts and investors expected the precious metal to maintain its upward momentum.
However, analysts believe that the gold price will hardly increase strongly until the US interest rate hike cycle ends, and the $2,000/ounce price zone could be a short-term recovery point for the precious metal in the coming days. .
The world spot gold price stood around the threshold of 1,955.6 USD/ounce. Gold futures for August delivery on Comex New York were at $1,969.2 per ounce.
In the summer months, gold prices are likely to fall as investor consumption cycles slow, said Standard Chartered precious metals analyst.
The analyst is forecasting gold prices to average $1,975 an ounce in the second quarter and $1,925 an ounce in the third quarter.
Sentiment in the gold market remains upbeat but analysts are warning investors not to expect prices to break above $2,000 an ounce this week.
Kitco News’ latest weekly gold survey shows that retail investors on Main Street remain bullish on gold in the near term. However, Wall Street analysts are more cautious.
This week, 21 Wall Street analysts participated in Kitco News’ gold price survey. Among the participants, 9 analysts (43%) are optimistic about gold in the near term. At the same time, 2 analysts (equivalent to 10%) think the price will fall and 10 analysts (48% equivalent) see the price trading sideways.
Meanwhile, 692 votes were cast in Main Street online polls. Of these, 435 respondents (63%) expect gold to rise in the new week. Another 159 (23%) say precious metals will be lower and 98 (14%) are neutral in the near term.
While there is still solid optimism in the market, retail investors don’t expect prices to break above $2,000 an ounce either. Retail investors see the precious metal ending next week around $1,992 an ounce.
Quang Binh is about to have 18 investment projects with a total estimated capital of more than 32,600 billion VND
The People’s Committee of Quang Binh province has just issued a plan to organize a conference to announce the Quang Binh provincial planning period 2021-2030, vision 2050 and investment promotion.
The goal of the conference to announce the master plan of Quang province for the period of 2021-2030 with a vision to 2050 has just been approved by the Prime Minister in Decision No. 377/QD-TTg dated April 12, 2023, and is a forum It is important to exchange, meet and spread information about the potential, strengths and investment opportunities of Quang Binh province to the community of organizations, associations, businesses and investors in Hanoi. and the northern provinces, at home and abroad. Thereby, attracting investors looking for investment and business cooperation opportunities in the province, contributing to effectively exploiting the potentials and strengths of Quang Binh province.
The conference, themed “Bringing Quang Binh closer to investors”, was held on June 25 at the ICC International Convention Center, Hanoi.
It is expected that the conference will have about 500 guests including leaders of the Government, central ministries, international organizations, foreign diplomatic agencies, associations, businesses, domestic and foreign investors. participating country.
Also according to the People’s Committee of Quang Binh province, at this conference, Quang Binh province will award investment cooperation minutes with 17 investors / 18 projects with a total registered capital of 32,601 billion VND (1.42 billion USD). In which, there are 3 projects in the field of infrastructure with a total capital of 9,844 billion VND; 14 real estate projects with a total capital of VND 19,307 billion; 1 project in the field of industry-minerals with a total capital of 3,450 billion VND.
There will be 10 investors implementing 10 projects with a total investment capital of more than 3,000 billion VND (0.13 billion USD) in the fields of tourism, industry, agriculture, education and infrastructure investment. awarded the Decision on investment policy at this conference.
Hydroelectricity is better, not having to mobilize oil to generate electricity
According to Center A0, the peak capacity of the power system (Pmax) has just been announced at 15:00 on June 10, reaching 36,823.6 MW. However, peak capacity of the North – Central – South regions occurred at different times. Specifically, the peak capacity in the South reached 16.048.5MW at 15:00. Meanwhile, peak capacity in the North reached 18,223.4 MW at 23 o’clock, in the Central reached 3,613.3 MW at 16:30.
On June 10, the total mobilized output from hydroelectricity was about 149 million kWh, (the North was 59 million kWh); Coal thermal power mobilized 439 million kWh (Northern 262.9 million kWh); Gas turbine mobilizes 85.9 million kWh; renewable energy power is over 79 million kWh, of which wind power is 37.3 million kWh, the highest capacity is at 12:30 pm reaching 2,339.7 MW, grid-connected farm solar power mobilizes 42.1 million kWh, the highest capacity at 10:30 am reached 5,875 MW. Oil power is not mobilized.
Regarding transitional renewable energy projects, by the end of June 10, there were 51 projects with a total capacity of 2,852MW submitted to the Ministry of Industry and Trade for approval of temporary electricity prices; 40 projects with a total capacity of 2,367MW signed amendments and supplements; 8 factories are experimenting; 14 factories have completed the experiment; 9 factories are already in commercial operation (COD).
Coal fuel source for production is sufficient. However, due to the need to mobilize large and continuous capacity, some units still have problems. In which, the long-term problem is about 2,100 MW; short-term incidents of about 410 MW (Nghia Son 1 S1 to June 12, Son Dong S2 to June 12).
It is expected that on June 12, unit 1 Nghi Son 1 Thermal Power Plant will finish handling the problem. Particularly, unit 2 of Thai Binh thermal power plant was successfully started and connected to the grid at 23:15 on June 10.
The situation of hydropower sources in the North on June 10 was better than on June 9. The water flow to the lake has increased, but the large lakes are still close to the dead water level. Specifically, the return water: Lai Chau = 276m3/s, Son La = 405m3/s, Hoa Binh = 94m3/s, Ban Chat = 59.3m3/s, Tuyen Quang = 88.7m3/s.
Due to the difficulty of water sources, the total capacity that cannot be mobilized from the lakes of Son La, Lai Chau, Ban Chat, Huoi Quang, Tuyen Quang, Thac Ba, Hua Na, Ban Ve,… reaches about 5,000MW.
Although management and operation solutions have been implemented, due to the difficulty of power source, the maximum saving capacity in the North is about 1,300MW
Deputy Prime Minister “urged” the Ministry of Industry and Trade to come up with a mechanism to encourage rooftop solar power
Deputy Prime Minister Tran Hong Ha has just worked with leaders of the Ministry of Industry and Trade, the Electricity of Vietnam (EVN), a number of related ministries and branches to implement the goal in the Power Master Plan 8 to strive for the next year. By 2030, 50% of office buildings and 50% of residential houses will use self-consumed and self-sufficient rooftop solar power (for on-site consumption, not selling electricity into the national electricity system).
At the meeting, leaders of the Ministry of Industry and Trade and EVN specifically reported on inadequacies, difficulties and obstacles in the process of installing rooftop solar power systems according to Decision No. 13/2020/QD- TTg on the mechanism to encourage the development of solar power in Vietnam on April 6, 2020.
Representatives of ministries and branches also analyzed and clarified the causes of inadequacies and limitations and proposed directions to remove them, sticking to the point of view in Power Planning VIII as “priority and breakthrough policies to promote develop solar power on the roofs of people and construction sites, especially in areas at risk of electricity shortage such as the North and self-sufficient and self-consumptive solar power.
Deputy Prime Minister Tran Hong Ha stated that solar energy and renewable energy have not been regulated in laws and decrees, so dynamic and creative mechanisms are needed in pilot implementation. The immediate task is to immediately have mechanisms and policies to overcome the shortcomings and limitations in Decision No. 13/2020/QD-TTg; propose solutions and breakthrough tasks, promote the development of rooftop solar power.
The Deputy Prime Minister requested the Ministry of Industry and Trade to urgently propose to the Government and the Prime Minister to promulgate mechanisms and policies to encourage investment, mobilize rooftop solar power resources to serve people’s activities and other economic activities. offices and businesses.
In addition, the Deputy Prime Minister also requested the management agencies to create favorable conditions, provide technical and safety instructions, reduce taxes for manufacturers and importers of solar power equipment, and support consumers in the field. people when shopping…
The Deputy Prime Minister proposed the Ministry of Industry and Trade to absorb, inherit and adjust technical regulations and standards on scale, scope, capacity, etc. to avoid the situation that business solar power production facilities take advantage of the main preferential books for rooftop solar power; clarify and simplify administrative procedures under the authority of the ministries of Industry and Trade, Finance, Planning and Investment, Natural Resources and Environment, Public Security…; building a suitable price bracket for the amount of rooftop solar power generated into the grid…
Gasoline price tomorrow 12/6: Increase price for the 3rd time in a row
According to regulations, the date of adjustment of the retail price of gasoline in the country is on June 11th. However, because it coincides with the weekend, the Ministry of Industry and Trade – Finance will adjust the retail price of petrol on Monday (June 12).
On the world market, oil prices fell for 2 consecutive weeks.
Oil prices continued to fall last week on weak Chinese economic data and rising US gasoline inventories, raising concerns about consumption in the world’s two top oil users. Last week, Brent oil price dropped to 74 USD/barrel, WTI oil was at 70 USD/barrel.
Leaders of some petroleum companies said that in the past time, although the world gasoline price has tended to decrease, the rate of decrease has been slow. Meanwhile, the average price of finished gasoline on the Singapore market in this cycle increased slightly compared to the previous period.
Therefore, the domestic gasoline price in the operating period on June 12 may be slightly increased according to the price of imported gasoline.
Accordingly, if the management agency does not affect the Petroleum Price Stabilization Fund, the domestic gasoline price tomorrow is likely to increase by 200-300 VND/liter.
In case of inter-Ministry of Industry, Trade and Finance spending on stabilization fund, gasoline price may increase less or stay the same.
If the above forecast is correct, the price of domestic gasoline products will increase for the third time in a row tomorrow.
From the beginning of the year until now, gasoline prices have undergone 16 adjustments, including 9 increases, 6 decreases and 1 time stays the same.
At the most recent adjustment period (June 1), gasoline prices were increased by the Ministry of Finance – Industry and Trade.
Accordingly, the price of gasoline RON 95 increased by 520 VND / liter, the price increased to 22,010 VND / liter. E5 RON 92 gasoline increased by 390 VND/liter, the price was 20,870 VND/liter.
The price of oil was adjusted down. The price of diesel oil decreased by 10 VND / liter, to 17,940 VND / liter. The price of kerosene decreased by 190 VND / liter, to 17,770 VND / liter.
Also in this operating period, the inter-Ministry of Industry and Trade – Finance did not spend on petrol price stabilization fund, and set up a fund of 300 VND/liter for petroleum products.