Today's silver prices (December 3rd) saw a further decline in both the global and domestic silver markets, following a recovery over the weekend.
Today's silver price at Phu Quy Gold Investment Joint Stock Company remains stable at 1,137,000 VND/ounce (buying price) and 1,172,000 VND/ounce (selling price) in Hanoi. Additionally, according to surveys at other trading locations in Hanoi, the current silver price is listed at 940,000 VND/ounce (buying price) and 970,000 VND/ounce (selling price). In Ho Chi Minh City, the silver price also recorded a decrease to 942,000 VND/ounce (buying price) and 972,000 VND/ounce (selling price). World silver prices decreased to 768,000 VND/ounce (buying price) and 773,000 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 3, 2024:
Silver type | Unit | Hanoi | Ho Chi Minh City | ||
Buy | Sell | Buy | Sell | ||
99.9% Silver | 1 tael | 940,000 | 970,000 | 942,000 | 972,000 |
| 1 kg | 25,060,000 | 25,858,000 | 25,112,000 | 25,909,000 | |
| 99.99% Silver | 1 tael | 947,000 | 978,000 | 949,000 | 980,000 |
| 1 kg | 25,266,000 | 26,070,000 | 25,308,000 | 26,121,000 | |
Updated silver price list from Phu Quy Gold Investment Joint Stock Company as of December 3, 2024:
Silver type | Unit/VND | Hanoi | |
Buy | Sell | ||
Phu Quy 999 Silver Bars and Ingots | 1 tael | 1,137,000 | 1,172,000 |
| 999 Gold Ingots | 1 kg | 30,319,924 | 31,253,255 |
Latest update on world silver prices as of December 3, 2024:
| Unit | Today's world silver price (VND) | |
Buy | Sell | |
| 1 Ounce | 768,000 | 773,000 |
| 1 tael | 92,584 | 93,197 |
| 1 tael | 926,000 | 932,000 |
| 1 kg | 24,689,000 | 24,852,000 |
The silver market is experiencing significant volatility. Global silver prices recorded another day of decline. Despite a short-term recovery over the weekend, the precious metal still faces major challenges, particularly from weak industrial demand and high inventories in China.
With over half of global silver production (approximately 58%) used in industrial sectors, particularly in electric vehicle manufacturing, silver price fluctuations are closely tied to industrial production. The growth of the electric vehicle industry, a key driver of silver demand, is influenced by a number of factors, including supportive government policies.
China, as one of the world's largest producers and consumers of silver, is playing a significant role in shaping the price trends of this precious metal. Currently, silver inventories in the country are at a record high of 1,200 tons, putting considerable pressure on silver prices in the medium and long term.
The increase in silver inventories in China is largely due to declining domestic silver consumption, partly caused by restrictions on the real estate and carbon-intensive energy industries. This means there is an oversupply of silver on the market, putting downward pressure on prices.
In addition, another factor driving silver price fluctuations is the escalating geopolitical tensions in the Middle East, particularly in Syria. Investors are turning to silver as a safe-haven asset amid instability, similar to the trend seen with gold. The US market saw little trading activity during the Thanksgiving holiday. This somewhat reduced the upward momentum in the international silver market.
Source: https://congthuong.vn/gia-bac-hom-nay-3122024-bac-quay-da-u-gia-m-nhe-362068.html
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