JPSPDRG@EP2604A(14849.HK)

Vietnam dong, gold rates - Feb 10

On February 10, the Vietnamese dong exchange rates are as follows: USD/VND mid-point at 25,055, interbank rates at 25,887/25,891, and unofficial rates at 26,579/26,699. SJC gold prices in Hanoi are quoted at 178.0/181.0 million dong per tael. The State Bank of Vietnam sets the mid-point rate daily, allowing transactions to fluctuate within a +/- 5% band. Interbank offered rates are indicative bid/ask prices from market sources. One tael equals 37.5 grams.

The Shanghai International Energy Exchange crude oil futures contract 2604 closed up 1.97% in the night session, at RMB 475.20 per barrel. Shanghai gold closed up 1.00% in the night session, and Shanghai silver closed up 5.24%

Gold prices are soaring, but things are also in disarray.

Gold prices have surged to historic highs, leading to a nationwide rush to buy gold. However, this frenzy has exposed significant issues, including rampant counterfeiting and quality concerns. A recent incident involving a Chow Sang Sang pendant revealed substantial variations in gold content, raising alarms about purity standards. The market is plagued by fake certificates and fraudulent practices, with thousands of consumer complaints reported. Additionally, the gold recycling market is fraught with risks, as many platforms have collapsed, leaving consumers vulnerable to scams. The chaotic state of the gold market highlights the need for better regulation and consumer protection.

India January consumer inflation likely rose to 2.4% on food and gold prices: Reuters Poll

India's annual consumer inflation is expected to rise to 2.4% in January, driven by increasing food and gold prices, according to a Reuters poll. This marks the first month of a new data series based on 2024 prices and returns inflation to the Reserve Bank of India's target band. The median forecast reflects a significant increase from December's 1.33%. Economists anticipate core inflation to remain steady at 4.60%. The revised consumer price index will include new categories and reduce the food component's weight, aiming for less volatility in future inflation measurements.

The three major A-share indices of Shanghai and Shenzhen rose by 1.2% to 3.1% in the first half of the day, with strong performance in chip, photovoltaic, computing power, and commercial aerospace stocks

The three major A-share indices performed strongly today, with the Shanghai Composite Index rising 1.2% to 4,113 points, the Shenzhen Component Index increasing 2% to 14,194 points, and the ChiNext Index climbing 3.1% to 3,337 points. The central parity rate of the RMB against the US dollar was adjusted to 6.9523. The People's Bank of China conducted a reverse repurchase operation of 113 billion yuan, with a net injection of 38 billion yuan. Many stocks performed well, with real estate, chip, and photovoltaic-related stocks all seeing gains. International gold prices rebounded, and gold-related stocks also rose accordingly