Silver corrects down after 2 consecutive weeks of increase

Silver price today (November 5), the world silver market and domestic silver market continue to decrease due to pressure from many factors.

Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is listed at 1,204,000 VND/tael (buy) and 1,241,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price is currently listed at 1,003,000 VND/tael (buy) and 1,033,000 VND/tael (sell). In Ho Chi Minh City, silver price is listed higher, at 1,005,000 VND/tael (buy) and 1,035,000 VND/tael (sell). World silver price is at 828,000/ounce (buy) and 833,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on November 5, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	1,003,000	1,033,000	1,005,000	1,035,000
	1 kg	26,746,000	27,544,000	26,798,000	27,595,000
Silver 99.99	1 amount	1,007,000	1,037,000	1,009,000	1,039,000
	1 kg	26,842,000	27,656,000	26,894,000	27,707,000

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on November 5, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,204,000	1,241,000
Phu Quy 999 Silver Bar	1 kg	32,106,586	33,093,251

Latest update on world silver prices on November 5, 2024:

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	828,000	833,000
1 only	99,844	100,454
1 amount	998,000	1,005,000
1 kg	26,625,000	26,788,000

The metal market ended the past trading week with mixed performance. For the precious metals group, both silver and platinum prices adjusted down after two consecutive weeks of increase, closing the week at 32.68 USD/ounce and 1,002.9 USD/ounce, respectively.

The main reason is that the precious metal's safe-haven role has been weakened by rising US bond yields and the USD exchange rate. Specifically, the yield on 10-year US government bonds has increased to 4.36% - the highest level in the past 4 months, while the Dollar Index has climbed to 104.28 points, maintaining a three-month peak.

In addition, expectations that the US Federal Reserve (FED) will cut interest rates in the near future, after the personal consumption expenditure (PCE) price index increased more slowly than expected. Lower interest rates reduce the opportunity cost of holding non-yielding assets, leading investors to shift to higher-yielding channels such as stocks, which is also the reason for the weakening of silver prices.

Source: https://congthuong.vn/gia-bac-hom-nay-5112024-bac-dieu-u-chi-nh-gia-m-sau-2-tua-n-tang-lien-tiep-356670.html