Gold prices today, April 30, 2024, on the international market decreased slightly in the context of investors being cautious when the US Central Bank prepares for a monetary policy meeting.
Domestic gold price today April 30, 2024
Closing the session on April 28, the price of 9999 gold bars at SJC was 83 million VND/tael (buying) and 85.2 million VND/tael (selling). SJC lists gold ring prices at 73.8-75.5 million VND/tael (buy – sell).
Doji Hanoi was listed at 82.6 million VND/tael (buy) and 84.8 million VND/tael (sell). Ho Chi Minh City Doji bought SJC gold at 82.6 million VND/tael, sold it at 84.8 million VND/tael.
Bao Tin Minh Chau listed the price of Golden Dragon gold bars at 74.58-76.18 million VND/tael (buy – sell).
Central exchange rate on April 26 announced by the State Bank at 24,246 VND/USD, down 18 VND compared to the previous trading session. The USD price at commercial banks this morning (April 30) was listed at 25,088 VND/USD (buy) and 25,458 VND/USD (sell).
International gold price today April 30, 2024
Gold price on Kitco at 9:00 p.m. (April 29, Vietnam time) was trading at 2,332 USD/ounce, down 0.16% compared to the beginning of the session. Gold futures price for delivery in June 2024 on the Comex New York floor is trading at 2,352.8 USD/ounce.
At the beginning of the trading session in the US, world gold prices decreased slightly due to weak demand. Investors are cautious as the US Federal Reserve (Fed) prepares to meet its monetary policy on Tuesday morning (April 30, US time).
Gold prices decreased because investors were cautious. Photo: Hoang Ha
Marc Chandler, CEO of Bannockburn Global Forex, believes that gold prices will move in a positive direction, possibly rising to 2,370 USD/ounce in the coming days.
He realized that the recent disappointing US employment report could cause the USD and US bond yields to fall, while raising gold prices.
Adrian Day, Chairman of Adrian Day Asset Management, said that although world gold demand has slowed down, it is still on an upward trend. That is a positive signal for precious metals.
Sean Lusk, co-head of commercial hedging at Walsh Trading, said concerns about geopolitical tensions continue to support precious metals. This expert believes that the cooling of the Middle East situation is only temporary.
Gold price forecast
Barchart senior market analyst Darin Newsom is one of the few experts predicting a pullback in gold prices this week.
Recently, 10 Wall Street experts participated in Kitco’s gold survey. 70% of experts predict that gold prices will increase in the near future. Another 20% of experts believe that gold will continue to move sideways and only the remaining 10% predict that gold prices will decrease.
Meanwhile, 155 votes in Kitco’s online poll. Specifically, 74 investors (accounting for 48%) expect gold to increase in the near future. Another 46 people (accounting for 30%) predict the price will decrease, the remaining 35 investors (accounting for 22%) think that precious metals will tend to move sideways.
Gold price today April 30, 2024 decreased, investors are cautious
China’s Nio Experiences Record Growth: EV Deliveries Double and Shares Soar 20%
Nio Inc’s Impressive Growth in Vehicle Deliveries Sparks Investor Interest
Nio’s ET5 was showcased at the Central China International Auto Show in Wuhan, China, on May 25, 2023.
Image Source: Getty Images | Getty Images News | Getty Images
Nio Inc, a prominent Chinese electric vehicle manufacturer, experienced a remarkable 20% surge in its stock price following a substantial increase in vehicle deliveries during April.
The company’s Hong Kong-listed shares soared by up to 23% to 44.20 Hong Kong dollars, reaching their highest level in over six weeks. This surge in Nio’s shares also positively impacted the broader Hang Seng index, which saw a 2% increase in midday trading.
Nio’s Impressive Delivery Figures
Nio reported delivering 15,620 vehicles in April, marking a significant 134.6% year-on-year growth.
The company specified that these deliveries included 8,817 premium smart electric SUVs and 6,803 premium smart electric sedans. In total, Nio has delivered 45,673 vehicles in the current year, reflecting a 21.2% increase compared to the same period last year.
To further enhance its position in the electric vehicle ecosystem, Nio has been actively expanding its battery swap partnerships to address consumer concerns about driving range.
Performance of Other Chinese EV Makers
Other major Chinese electric vehicle manufacturers, such as Li Auto, Xpeng, and BYD, also released their April delivery figures. Li Auto reported a slight decline in deliveries compared to the previous month, while Xpeng and BYD saw increases in their delivery numbers.
Li Auto delivered 25,787 vehicles in April, experiencing an 11% decrease from March. Despite this decline, the company’s Hong Kong-listed shares remained 3% higher.
Xpeng announced the delivery of 9,393 EVs in April, representing a 4% increase from the prior month. On the other hand, BYD’s sales volume for EVs reached 313,245 in April, up by 3.6% from March.
Following these delivery updates, Hong Kong-listed shares of Xpeng surged by 7.5%, while BYD’s shares added 5%.
Entry of Xiaomi into the Electric Vehicle Market
Xiaomi, a leading Chinese smartphone manufacturer, recently entered the electric vehicle market by launching its first electric car in early April. Priced competitively below Tesla’s Model 3, Xiaomi’s new electric car, the SU7, aims to offer a longer driving range.
CEO Lei Jun expressed optimism about the new EV’s performance, stating that it is exceeding expectations in terms of sales. Xiaomi aims to achieve profitability sooner than anticipated, despite pricing its electric car lower than Tesla’s Model 3.
Contributor: CNBC’s Evelyn Cheng
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China’s Nio Experiences Record Growth: EV Deliveries Double and Shares Soar 20%
Navigating Uncertainty: The Future of Interest Rates in the US and Korea amid High Inflation and Exchange Rates
The continuing effect of high inflation and a high exchange rate
Possibility of ‘cuts’ after the 4th quarter
The US Federal Reserve (Fed) drew a line on a further increase in interest rates on the 1st (local time), but still showed a cautious attitude even towards cuts. There is also analysis that the US interest rate cut, which is expected to happen three times within the year at the beginning of this year, could happen only once in the second half of the year.
The Bank of Korea is also likely to freeze its base interest rate at the Monetary Policy Committee meeting to be held on the 23rd. For Korea, which suffers from high inflation and high exchange rates, it seems that there will only be room for an interest rate cut after the fourth quarter.
The Federal Reserve froze the base interest rate target range at 5.25-5.50% at the regular meeting of the Federal Open Market Committee (FOMC) held from the 30th of last month to the 1st of this month. The interest rate differential with Korea was also kept at a maximum of 2 percentage points.
US Federal Reserve Chairman Jerome Powell (pictured) said at a press conference, “It is unlikely that the next interest rate change will be an increase,” and added, “What we are focusing on is how long the tightening policy will continue.”
Initially, there were concerns in the market that the recent high inflation rate in the US could signal an interest rate rise, but these were dismissed.
Powell said, however, ‘It’s not an increase in the interest rate, but it’s not a cut either.’ “More certainty is needed to start cutting interest rates this year, and it will take longer as we have not seen any progress in the first quarter,” he said. He continued, “Inflation has eased over the past year, but is still at a high level,” and “there is a lack of additional progress towards the 2% inflation target.” The phrase ‘lack of further progress’ was added to this meeting compared to March. This means that recent economic indicators show no signs of inflation slowing down, which can be interpreted as strengthening the cautious stance.
The June interest rate cut has passed, and the general view is that there will only be one or two cuts within the year.
According to data from Bank of Korea’s New York office on the 2nd, the Royal Bank of Canada (RBC) predicted the first interest rate cut in December, saying, “The possibility of three interest rate cuts within the year is slim. “
Ki Tae-ui, a researcher at Shinyoung Securities, said, “I think there will be two cuts in September and December.”
The Bank of Korea is also worried about high inflation. Although the rate of increase in the consumer price index in April fell to the 2% range for the first time in three months, factors of concern such as oil prices and exchange rates have not been resolved. The Bank of Korea’s Monetary Policy Committee is expected to freeze the base interest rate again on the 23rd.
Joo Won, head of the economic research department at the Hyundai Research Institute, said, “The Bank of Korea will only be able to lower the rate after the Federal Reserve moves.”
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