World silver declines due to FED move

Silver price today (November 4), the world silver market and domestic silver have the deepest decline in the past 2 weeks.

Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is listed at 1,204,000 VND/tael (buy) and 1,241,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price is currently listed at 996,000 VND/tael (buy) and 1,026,000 VND/tael (sell). In Ho Chi Minh City, silver price is listed higher, at 998,000 VND/tael (buy) and 1,028,000 VND/tael (sell). World silver price is at 821,000/ounce (buy) and 826,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on November 4, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	996,000	1,026,000	998,000	1,028,000
	1 kg	26,554,000	27,352,000	26,606,000	27,403,000
Silver 99.99	1 amount	999,000	1,030,000	1,001,000	1,032,000
	1 kg	26,650,000	27,464,000	26,702,000	27,515,000

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on November 4, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,204,000	1,241,000
Phu Quy 999 Silver Bar	1 kg	32,106,586	33,093,251

Latest update on world silver prices on November 4, 2024:

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	821,000	826,000
1 only	99,023	99,633
1 amount	990,000	996,000
1 kg	26,406,000	26,569,000

At the end of the weekend trading session, silver prices continued to weaken. World silver prices fell sharply by 3.75% to $32.79/ounce – the lowest level in the past two weeks.

The main reason for the decline was the expectation that the US Federal Reserve (FED) would continue to lower interest rates in the coming period. This belief was reinforced by slower-than-expected increases in the personal consumption expenditure (PCE) price index. When interest rates fall, the opportunity cost of holding non-yielding assets such as gold and silver decreases, making them less attractive.

In addition to the impact from the Fed, US economic data shows that the world's largest economy is still growing steadily with a solid labor market and rising consumer spending. This causes investors to shift to higher-yielding assets such as stocks, reducing the role of precious metals as a "safe haven".

Given current developments, the market continues to closely monitor the Fed’s actions as well as other macroeconomic information. If interest rates are lowered as expected, silver and other precious metals prices could continue to decline. However, unexpected factors such as geopolitical tensions or other unusual fluctuations could reverse this trend.

Source: https://congthuong.vn/gia-bac-hom-nay-4112024-bac-the-gioi-suy-gia-m-do-dong-thai-tu-fed-356496.html