Silver prices continued to decline sharply during the trading session today. Silver prices were listed at VND933,000/tael for buying and VND959,000/tael for selling in Hanoi. Silver prices in Ho Chi Minh City were listed higher at VND935,000/tael for buying and VND961,000/tael for selling. World silver prices are at VND775,000/ounce for buying and VND780,000/ounce for selling.
Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on October 16, 2024:
Silver type | Unit | Hanoi | Ho Chi Minh City | ||
Buy | Sell | Buy | Sell | ||
Silver 99.9 | 1 amount | 933,000 | 959,000 | 935,000 | 961,000 |
| 1 kg | 24,876,000 | 25,574,000 | 24,927,000 | 25,625,000 | |
| Silver 99.99 | 1 amount | 936,000 | 963,000 | 938,000 | 965,000 |
| 1 kg | 24,972,000 | 25,686,000 | 25,024,000 | 25,737,000 | |
Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on October 16, 2024
Silver type | Unit/VND | Hanoi | |
Buy | Sell | ||
Silver bars, Phu Quy 999 silver bars | 1 amount | 1,114,000 | 1,148,000 |
| Phu Quy 999 Silver Bar | 1 kg | 29,706,592 | 30,613,257 |
Latest update on world silver prices on October 16, 2024
| Unit | World silver price today (VND) | |
Buy | Sell | |
| 1 Ounce | 775,000 | 780,000 |
| 1 only | 93,480 | 94,080 |
| 1 amount | 935,000 | 941,000 |
| 1 kg | 24,928,000 | 25,088,000 |
A volatile trading session ended with red covering the entire metal market. Both precious and base metals witnessed significant declines... Silver prices fell nearly 2%, closing the week at $31.75/ounce, officially ending a four-week streak of consecutive increases. Similarly, platinum prices also plunged 0.73%, closing the weekend session at $994.4/ounce. The main reason is believed to be due to easing geopolitical tensions and expectations of a rate cut by the US Federal Reserve (FED).
The significant easing of geopolitical tensions in the Middle East has reduced the demand for safe haven assets such as gold, silver, and platinum. As investors feel more secure about the world situation, they tend to withdraw capital from safe investment channels in search of higher returns.
Following the release of a series of positive economic data recently, especially the September payroll report, investors have reduced their expectations that the Fed will continue to cut interest rates aggressively at its November meeting. This means that the opportunity cost of holding non-yielding assets such as gold will increase, thereby putting pressure on the price of precious metals.
How the Fed decides to adjust interest rates will continue to be a factor that influences the movement of the metal market in the coming time. If the Fed decides to keep interest rates unchanged or even increase them, the price of gold and other precious metals may continue to be under downward pressure. On the contrary, if the Fed unexpectedly decides to cut interest rates more strongly than expected, the precious metal market may recover.
In the short term, the metal market is expected to remain volatile and be heavily influenced by macro factors such as the global economic situation, central banks’ monetary policies, and geopolitical events. Investors should closely monitor the latest developments to make appropriate investment decisions.
Source: https://congthuong.vn/gia-bac-hom-nay-16102024-bac-the-gioi-suy-yeu-ket-thuc-chuoi-4-tuan-tang-lien-tiep-352657.html
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