Silver maintains long-term bullish outlook

Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is listed at 1,215,000 VND/tael (buy) and 1,253,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price is currently listed at 990,000 VND/tael (buy) and 1,035,000 VND/tael (sell). In Ho Chi Minh City, silver price is listed higher, at 992,000 VND/tael (buy) and 1,037,000 VND/tael (sell). World silver price is at 855,000/ounce (buy) and 860,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on October 22, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	990,000	1,035,000	992,000	1,037,000
	1 kg	26,407,000	27,605,000	26,459,000	27,656,000
Silver 99.99	1 amount	994,000	1,039,000	996,000	1,041,000
	1 kg	26,503,000	27,717,000	26,555,000	27,768,000

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on October 22, 2024

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,215,000	1,253,000
Phu Quy 999 Silver Bar	1 kg	32,399,919	33,413,250

Latest update on world silver prices on October 22, 2024

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	855,000	860,000
1 only	103,126	103,736
1 amount	1,031,000	1,037,000
1 kg	27,500,000	27,663,000

While gold is still considered the traditional safe haven asset, silver has quietly emerged as a shining star in the precious metals market. With a growth of nearly 92% over the past five years, silver has outperformed its “brother” gold and attracted great attention from investors.

Silver prices could hit $50 an ounce in the future if the rally continues, according to trader Bob Loukas. With the US Federal Reserve (FED) easing monetary policy, interest rate cuts will increase the appeal of silver, especially when non-yielding assets like silver are preferred in a low-interest environment.

Geopolitical factors have also contributed to the rise in silver prices. Tensions in the Middle East, coupled with global economic uncertainty, have fueled safe-haven demand, making silver a top choice for investors.

Industrial demand for silver is growing, especially in areas such as solar panel manufacturing, electric vehicles, and renewable energy technology. These industries are growing rapidly, driving demand for silver to meet technical and manufacturing requirements.

In addition, positive economic data from China – the world’s largest consumer of metals – has helped boost demand for silver in the global market. The European Central Bank has also cut interest rates three times this year to control inflation, which has had a positive impact on silver prices.

Source: https://congthuong.vn/gia-bac-hom-nay-22102024-bac-duy-tri-tri-n-vong-tang-da-i-han-353835.html