Silver continues to decline for 3 consecutive sessions

Silver price today (December 21), silver price extended its decline to the third consecutive session, down more than 4% to 29.41 USD/ounce.

Silver price today at Phu Quy Jewelry Group, silver price decreased to 1,073,000 VND/tael (buy) and 1,106,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price decreased sharply, currently listed at 907,000 VND/tael (buy) and 940,000 VND/tael (sell). In Ho Chi Minh City, silver price also recorded a decrease at 909,000 VND/tael (buy) and 942,000 VND/tael (sell). World silver price is currently at 741,000/ounce (buy) and 746,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on December 21, 2024:

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

Update the latest silver price list at Phu Quy Gold and Gemstone Group on December 21, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,073,000	1,106,000
Phu Quy 999 Silver Bar	1 kg	28,613,262	29,493,260

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

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	741,000	746,000
1 only	89,372	89,986
1 amount	894,000	900,000
1 kg	23,833,000	23,996,000

Red returned to dominate the world raw material price chart in the latest trading session. In particular, the metal group was under strong selling pressure when all 10 items weakened simultaneously. For precious metals, silver prices continued to decline for the third consecutive session, falling more than 4% to $29.41/ounce. This was also the first time silver prices fell below $30/ounce since mid-September.

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

This more hawkish stance from the Fed has boosted the USD. In addition, the strength of the USD was further reinforced after the US revised up its third-quarter GDP data on December 19. Specifically, according to official data released by the US Department of Commerce's Bureau of Economic Analysis, the country's third-quarter GDP increased by 3.1% compared to the previous quarter, 0.3 percentage points higher than the preliminary data.

Accordingly, the USD continued to increase strongly. After reaching a two-year peak in the previous session, the Dollar Index continued to increase by 0.35% in yesterday's session, reaching 108.41 points. The stronger USD increased investment costs while the risk of interest rates slowing down caused the price of precious metals, which are sensitive to interest rates and currency fluctuations, to continue to decrease sharply.

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