Silver is on a strong uptrend

Today's silver price is listed at 901,000 VND/tael for buying and 942,000 VND/tael for selling in Hanoi. The silver price in Ho Chi Minh City is listed higher at 903,000 VND/tael for buying and 944,000 VND/tael for selling. The world silver price increased sharply at 746,000 VND/ounce for buying and 751,000 VND/ounce for selling.

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on August 27, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	901,000	942,000	903,000	944,000
	1 kg	24,035,000	25,133,000	24,073,000	25,179,000
Silver 99.99	1 amount	903,000	943,000	904,000	948,000
	1 kg	24,083,000	25,145,000	24,103,000	25,282,000

Latest update on world silver prices on August 27, 2024

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	746,000	751,000
1 only	89,886	90,485
1 amount	899,000	905,000
1 kg	23,969,000	24,129,000

At the end of the trading session, the metal price chart remained green in the context of the USD continuing to fall and the US Federal Reserve (FED) sending signals that it is ready to cut interest rates. For precious metals, silver and platinum prices both tended to increase, with increases of 3.37% to 29.8 USD/ounce and 0.38% to 966.1 USD/ounce, respectively.

Last week, the market focus was on the minutes of the Fed's interest rate meeting and comments on monetary policy from Fed officials at the Jackson Hole Economic Symposium. Specifically, the minutes of the July Fed interest rate meeting clearly stated that most officials believed that if economic data continued to meet expectations, easing policy at the next meeting would be appropriate.

In a speech at the Jackson Hole Conference, FED Chairman Jerome Powell emphasized that it was time for the world's largest central bank to change its monetary policy, providing further signals that the FED is ready to lower interest rates next September.

Amid this expectation, the USD plunged sharply last week, with the Dollar Index closing the week down 1.7% to 100.72 points, its lowest close in a year. US bond yields also fell more than 2% to 3.81%. The sharp decline in the USD and the fall in bond yields created a dual force that supported silver prices to maintain their upward momentum.

The current price of silver fluctuates based on supply and demand. It is important to stay up to date on market trends and news to make informed decisions about buying or selling silver. Online resources such as those found on Money Metals Exchange and financial news websites can provide real-time information and updates on silver prices.

Source: https://congthuong.vn/gia-bac-hom-nay-2782024-bac-dang-co-xu-huong-tang-manh-341669.html