Silver rebounds after Fed decision

Silver price today (November 9), the silver market turned to increase again after the decision to lower interest rates by the US Federal Reserve (FED).

Silver price today at Phu Quy Gold Investment Joint Stock Company, the listed silver price has decreased sharply at 1,183,000 VND/tael (buy) and 1,220,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, the silver price is currently listed at 992,000 VND/tael (buy) and 1,018,000 VND/tael (sell). In Ho Chi Minh City, the listed silver price is higher, at 994,000 VND/tael (buy) and 1,020,000 VND/tael (sell). The world silver price is at 797,000/ounce (buy) and 802,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on November 9, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	992,000	1,018,000	994,000	1,020,000
	1 kg	26,450,000	27,148,000	26,502,000	27,199,000
Silver 99.99	1 amount	995,000	1,022,000	997,000	1,024,000
	1 kg	26,546,000	27,260,000	26,598,000	27,311,000

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on November 9, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,183,000	1,220,000
Phu Quy 999 Silver Bar	1 kg	31,546,588	32,533,252

Latest update on world silver prices on November 9, 2024:

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	797,000	802,000
1 only	96,093	96,704
1 amount	961,000	967,000
1 kg	25,625,000	25,788,000

In the precious metals group, silver prices increased nearly 2% to $31.8/ounce, platinum prices increased slightly by 0.6% to $999/ounce. Precious metal prices were supported in yesterday's trading session after the FED's decision to lower interest rates and the depreciation of the USD.

The US Federal Reserve (FED) has officially announced its decision to lower the target interest rate to 4.5% - 4.75%, equivalent to a decrease of 25 basis points, in line with market forecasts. Notably, in the press conference afterwards, FED Chairman Jerome Powell affirmed that the election will not affect the FED's policy direction in the near future, and there is no sign that the FED is considering pausing the interest rate cut.

In addition, the weakening of the US dollar from a four-month peak also contributed to the increase in prices of metals. The Dollar Index fell 0.55% to 104.51 points at the end of the trading session. The weakening of the dollar has reduced investment costs and reduced interest rate pressure, thereby attracting cash flow back to the metal market.

Source: https://congthuong.vn/gia-bac-hom-nay-9112024-bac-tang-tro-lai-sau-quyet-dinh-cu-a-fed-357654.html