Silver nears record high, forecast to rise further

Today's silver price is listed at 921,000 VND/tael for buying and 955,000 VND/tael for selling in Hanoi. The silver price in Ho Chi Minh City is listed higher at 923,000 VND/tael for buying and 961,000 VND/tael for selling. The world silver price is at 772,000 VND/ounce for buying and 776,000 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 October 3, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell ​​out	Buy	Sell ​​out
99.9 silver	1 amount	927,000	961,000	929,000	966,000
	1 kg	24,721,000	25,619,000	24,769,000	25,765,000
Silver 99.99	1 amount	931,000	965,000	933,000	970,000
	1 kg	24,817,000	25,731,000	24,869,000	25,868,000

Latest update on world silver prices on October 3, 2024

Unit	World silver price today (VND)
	Buy	Sell ​​out
1 Ounce	777,000	780,000
1 finger	93,649	94,095
1 amount	936,000	941,000
1 kg	24,973,000	25,092,000

Demand for precious metals surged as investors worried about the possibility of an all-out war in the Middle East after Iran fired missiles at Israel on October 1.

Silver's outperformance is attracting attention from global investors, precious metals analysts at Heraeus said.

Silver ETFs recorded a record 829 tonnes in the last quarter, the highest quarterly holding since the start of 2021 when holdings peaked. Silver’s 34.3% gain in the first nine months of the year far outpaced gold’s 29.5% gain.

The fiscal and monetary stimulus announced in China last week has helped to bolster silver sentiment. In particular, efforts to support the real estate sector and green energy development are expected to spur a surge in solar panel installations. In terms of metal, solar silver demand is expected to rise 20% year-on-year to 232 million ounces.

In terms of price movements, silver closed below $32 an ounce last week after failing to break above this resistance level. “ While silver briefly hit a 12-year high of $32.71 an ounce during the week, it has since retreated. If the price can stay above $32 in the near term, the upside potential is very promising ,” some experts at Heraeus commented.

Besides the situation in the Middle East, the focus of investors this week is the US non-farm payrolls report scheduled to be released on Friday. The data in this report will be the basis for investors to adjust their expectations for the Federal Reserve's interest rate cut in November.

On Monday, Fed Chairman Jerome Powell made comments that tempered expectations that the Fed would cut interest rates by 0.5 percentage points in November. He signaled that the Fed would likely only cut interest rates by 0.25 percentage points at a time in the near future.

Source: https://congthuong.vn/gia-bac-hom-nay-3102024-bac-ngap-nghe-muc-ky-luc-du-bao-co-n-tang-cao-349854.html