Silver continues its downward trend for the third consecutive session.

Today's silver price (December 21st) extended its decline for the third consecutive session, falling more than 4% to $29.41 per ounce.

Today's silver price at Phu Quy Gold, Silver and Gemstone Group decreased to 1,073,000 VND/ounce (buying price) and 1,106,000 VND/ounce (selling price) in Hanoi. Additionally, surveys at other trading locations in Hanoi show a significant drop in silver prices, currently listed at 907,000 VND/ounce (buying price) and 940,000 VND/ounce (selling price). In Ho Chi Minh City, silver prices also recorded a decrease to 909,000 VND/ounce (buying price) and 942,000 VND/ounce (selling price). The world silver price is currently at 741,000 VND/ounce (buying price) and 746,000 VND/ounce (selling price).

Here is the latest information on today's silver prices in the two largest markets , Hanoi and Ho Chi Minh City, on December 21, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
99.9% Silver	1 tael	907,000	940,000	909,000	942,000
	1 kg	24,181,000	25,079,000	24,233,000	25,130,000
99.99% Silver	1 tael	914,000	948,000	916,000	950,000
	1 kg	24,387,000	25,291,000	24,429,000	25,342,000

Updated silver price list at Phu Quy Gold, Silver and Gemstone Group on December 21, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Phu Quy 999 Silver Bars and Ingots	1 tael	1,073,000	1,106,000
999 Gold Ingots	1 kg	28,613,262	29,493,260

Latest update on world silver prices as of December 21, 2024:

Unit	Today's world silver price (VND)
	Buy	Sell
1 Ounce	741,000	746,000
1 tael	89,372	89,986
1 tael	894,000	900,000
1 kg	23,833,000	23,996,000

Red dominated the global commodity price charts again in the latest trading session. Metals, in particular, faced strong selling pressure as all 10 commodities weakened simultaneously. For precious metals, silver extended its decline for the third consecutive session, falling more than 4% to $29.41 per ounce. This also marks the first time silver has fallen below $30 per ounce since mid-September.

The US dollar surged after the Federal Reserve (FED) indicated a more hawkish stance on future interest rate cuts. In its interest rate decision released early yesterday morning, the FED revised down its forecast for next year's rate cuts to 50 basis points, equivalent to two 25-basis-point cuts, bringing the target rate to 3.75-4%. This cut is less than half the 100-basis-point reduction announced at the September meeting. By the end of 2026, the policy interest rate will be further reduced by 50 basis points to 3.4%, higher than the previous forecast of 2.75-3%. Furthermore, the inflation forecast for 2025 has risen to 2.5%, higher than the previous estimate of 2.1% and significantly higher than the FED's target of 2%.

This more hawkish stance from the Fed has fueled a sharp rise in the US dollar. Furthermore, the dollar's strength was further reinforced after the US revised upward its Q3 GDP data on December 19th. Specifically, according to official figures released by the Bureau of Economic Analysis of the US Department of Commerce, the country's Q3 GDP increased by 3.1% compared to the previous quarter, 0.3 percentage points higher than the preliminary figures.

Accordingly, the US dollar continued to strengthen. After reaching a two-year high in the previous session, the Dollar Index rose another 0.35% yesterday, reaching 108.41 points. The strengthening US dollar increases investment costs, while the risk of slower interest rate cuts has caused the prices of precious metals, which are sensitive to interest rates and currency fluctuations, to continue to fall sharply.

Source: https://congthuong.vn/gia-bac-hom-nay-21122024-bac-noi-da-gia-m-3-phien-lien-tiep-365410.html