Silver price today (November 3), the world silver market and domestic silver have the deepest decline in the past 2 weeks.
Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is listed down 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 996,000 VND/tael (buy) and 1,026,000 VND/tael (sell). In Ho Chi Minh City, silver price is listed higher, at 998,000 VND/tael (buy) and 1,028,000 VND/tael (sell). World silver price is at 821,000/ounce (buy) and 826,000/ounce (sell).
Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on November 3, 2024:
Silver type | Unit | Hanoi | Ho Chi Minh City | ||
Buy | Sell | Buy | Sell | ||
Silver 99.9 | 1 amount | 996,000 | 1,026,000 | 998,000 | 1,028,000 |
| 1 kg | 26,554,000 | 27,352,000 | 26,606,000 | 27,403,000 | |
| Silver 99.99 | 1 amount | 999,000 | 1,030,000 | 1,001,000 | 1,032,000 |
| 1 kg | 26,650,000 | 27,464,000 | 26,702,000 | 27,515,000 | |
Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on January 3, 2024:
Silver type | Unit/VND | Hanoi | |
Buy | Sell | ||
Silver bars, Phu Quy 999 silver bars | 1 amount | 1,204,000 | 1,245,000 |
| Phu Quy 999 Silver Bar | 1 kg | 32,106,586 | 33,093,251 |
Latest update on world silver prices on November 3, 2024:
| Unit | World silver price today (VND) | |
Buy | Sell | |
| 1 Ounce | 821,000 | 826,000 |
| 1 only | 99,023 | 99,633 |
| 1 amount | 990,000 | 996,000 |
| 1 kg | 26,406,000 | 26,569,000 |
The release of the US personal consumption expenditures (PCE) price index has caused significant fluctuations in the precious metals market. Specifically, silver prices fell sharply by 3.75% to $32.79/ounce, the lowest level in the past two weeks.
The main reason for this decline is believed to be the market's expectation that the US Federal Reserve (FED) will continue to lower interest rates at its upcoming meeting. The slower-than-expected increase in the PCE index has reinforced this belief. When interest rates fall, the opportunity cost of holding non-yielding assets such as gold and silver will decrease, thereby reducing their appeal.
The easing of fears of a global recession has also contributed to the decline in the precious metal’s safe-haven status. Recent US economic data showed the world’s largest economy is still growing steadily, the labor market is strong and consumer spending is increasing. This has caused investors to shift to higher-yielding investment channels such as stocks.
Given the current developments, the market is expected to continue to closely monitor the Fed’s moves and macroeconomic information. If the Fed does indeed cut interest rates as expected, silver and other precious metals prices could continue to decline. However, unexpected factors such as geopolitical tensions or other unexpected events could reverse this trend.
Source: https://congthuong.vn/gia-bac-hom-nay-3112024-bac-dong-loat-giam-ca-thi-truong-trong-nuoc-va-the-gioi-356380.html
Comment (0)