Silver falls sharply after Fed's decision to cut interest rates

Silver price today (December 19), domestic and world silver prices recorded a decrease after the US Federal Reserve (FED) decided to lower interest rates.

Silver price today at Phu Quy Jewelry Group, silver price decreased to 1,090,000 VND/tael (buy) and 1,124,000 VND/tael (sell) in Hanoi . In addition, according to a survey at other transaction locations in Hanoi, the silver price is currently listed at 919,000 VND/tael (buy) and 952,000 VND/tael (sell). In Ho Chi Minh City, silver price also recorded a decrease at 921,000 VND/tael (buy) and 954,000 VND/tael (sell). World silver price decreased sharply, currently at 751,000/ounce (buy) and 756,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on December 19, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	919,000	952,000	921,000	954,000
	1 kg	24,500,000	25,398,000	24,552,000	25,449,000
Silver 99.99	1 amount	926,000	960,000	928,000	962,000
	1 kg	24,706,000	25,610,000	24,748,000	25,661,000

Update the latest silver price list at Phu Quy Gold and Gemstone Group on December 19, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,090,000	1,124,000
Phu Quy 999 Silver Bar	1 kg	29,066,594	29,973,258

Latest update on world silver prices on December 19, 2024:

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	751,000	756,000
1 only	90,511	91,125
1 amount	905,000	911,000
1 kg	24,136,000	24,300,000

Following the decline of the previous session, this morning the world silver price decreased by 1.16 USD/ounce compared to the previous trading session, to 29.35 USD/ounce.

On December 19, the US Federal Reserve (FED) decided to cut its key interest rate by 0.25 percentage points. This decision was made in the context of US inflation remaining high compared to the target and the economy is forecast to grow at 3.2% in the fourth quarter and the unemployment rate fluctuates around 4%.

Silver prices corrected lower as the market digested poor outlooks for its industrial utility. The Fed’s projection of fewer rate cuts next year signaled that the Federal Open Market Committee (FOMC) was concerned about high core inflation and the risk of rising inflation from the prospect of expansionary fiscal policy and tariffs from the incoming Trump administration. This added to concerns about weak demand for silver, causing the metal to underperform gold in the fourth quarter.

Source: https://congthuong.vn/gia-bac-hom-nay-19122024-bac-giam-sau-sau-quyet-dinh-ha-lai-suat-cua-fed-364933.html