Gold price forecast to reach 4,000 USD/ounce
Company Generale (SocGen - a large multinational bank headquartered in France) has just announced a strategy for a multi-asset investment portfolio for the second quarter. The bank still holds 7% of its portfolio in gold and predicts that gold prices could reach $4,000/ounce.
SocGen pointed out that there are growing doubts about the special position of the United States, leading to a change in investment flows globally. In this situation, investors should keep gold as an important preventative asset.
At 7%, gold is still the largest commodity in SocGen's portfolio. Gold is still a strong upward asset in the context of geopolitical reshaping under the US administration, causing strong policy responses, said analysts.
Although gold prices are currently fluctuating above $3,000/ounce, SocGen expects gold prices to continue to increase. The French bank forecasts gold prices to average around $3,300/ounce in the fourth quarter.
Analysts said geopolitical uncertainty continues to support gold as an important global currency. They also pointed out conditions that could push gold prices to $4,000/ounce. See more...
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Yen recovers rapidly and depreciates
According to Lao Dong, on March 26, the Japanese Yen (JPY) depreciated against the USD after a slight recovery from the previous session. The Yen exchange rate against the US Dollar fluctuates around 150.486 USD/JPY; meaning 1 USD can be exchanged for about 150 JPY.
The Yen depreciated mainly due to expectations about the monetary policy of the Bank of Japan (BoJ) and interest rate differences between Japan and the US.
According to FXStreet, the services PPI - an important measure of inflation in the Japanese service sector - increased by only 3.0% in February, down slightly from 3.1% in January. This reduces expectations of high inflation, thereby limiting the possibility of the BoJ adjusting interest rates strongly, putting the Yen under downward pressure. See more...
Pepper prices hit record high, farmers are still worried
The last days of March are the time to harvest the main pepper crop. In pepper gardens in Dak Lak, the working atmosphere is bustling. Workers pick the red ripe pepper clusters.
This year's harvest, garden owners lack workers. Ms. Cao Thi Hanh Nguyen (residing in Ea M'droh commune, Cu M'gar district, Dak Lak) said she had difficulty with workers harvesting pepper. Because many workers work in companies and factories, the number of workers in the commune is small, and they also prioritize harvesting their family's pepper garden first.
To attract workers, Ms. Nguyen increased her salary to 300,000 VND/day, higher than the 220,000 VND/day level at the time last year.
Mr. Y Wen Mlo (Ea Kao commune, Buon Ma Thuot city, Dak Lak) said that harvesting pepper is very labor-intensive. To harvest, pickers have to climb a staircase 5-6m, even 10m high. One hand picked the pick, the other hand held the ladder tightly to ensure balance. For effectiveness, each tieu tieu pillar requires 2-3 pickers. The higher the target, the longer the picking time. See more...
