News 1:
World gold prices are at their lowest in two months
Closing on June 7, the world's gold price was trading at $2,292 an ounce, down more than 3%, or $83. During the session, the price had a momentary decline to $2,285. This is the lowest since the beginning of April.
On June 7, the U.S. Department of Labor said the country added 272,000 new jobs in May. This number was much higher than the forecast of 185,000. The report also pushed up the price of the dollar, making gold more expensive to buyers outside the United States. After the employment figures were released, investors backed off their expectations of the Fed's first rate cut this year, from September to November. The probability of cutting interest rates this year is also only 37%, instead of the previous 48%. High interest rates will increase the opportunity cost of holding gold.
Another news that impacted the market yesterday was that the People's Bank of China (PBOC) stopped buying more gold reserves after 18 consecutive months of buying. China is now the world's leading consumer of gold. The PBOC's actions contributed to the world price reaching a record $2,450 an ounce in May. Prices of other precious metals, such as silver, platinum and palladium fell yesterday by 2-6%.
Imagine : The world gold price fall more than 3% in the 7/6 trading section. Graph: Kitco)
See more at: Giá vàng thế giới xuống thấp nhất hai tháng
News 2:
Export Forum 2024 – Linking the global goods supply network 2024
The Ministry of Industry and Trade, in cooperation with the City People's Committee of Ho Chi Minh City, is jointly organizing a series of events called "Linking the global goods supply network 2024" to facilitate deeper global production and supply chain participation by businesses and to adapt to the current trend of increased international economic integration.
In 2023, Vietnam is projected to achieve a total import-export turnover surpassing 681 billion USD, with exports reaching 354.7 billion USD and imports reaching 326.4 billion USD. The trade balance for goods is expected to show a surplus of 28.3 billion USD in 2023. It is anticipated that there will be 35 items generating an export turnover exceeding 1 billion USD, and 7 export items with turnovers exceeding 10 billion USD in 2023. Furthermore, exports for the initial 5 months of 2024 are predicted to hit 156.5 billion USD, reflecting a 15% increase compared to the same period last year.
Vietnam is undergoing significant changes to emerge as a key global hub for manufacturing. Following the pandemic and recent economic and geopolitical uncertainties, numerous companies and retail/wholesale distribution networks have designated Vietnam as a crucial point in their international supply networks.
Image: A series of events "Linking the global goods supply network 2024" (Viet Nam International Sourcing 2024)
See more at: Diễn đàn Xuất khẩu 2024 – Kết nối chuỗi cung ứng hàng hóa quốc tế 2024