Today's silver price (November 11th): The silver market continues to rise after the US Federal Reserve's (FED) decision to lower interest rates.
Today's silver price at Phu Quy Gold Investment Joint Stock Company is listed at 1,165,000 VND/ounce (buying price) and 1,201,000 VND/ounce (selling price) in Hanoi. Additionally, according to surveys at other trading locations in Hanoi, the current silver price is listed at 979,000 VND/ounce (buying price) and 1,009,000 VND/ounce (selling price). In Ho Chi Minh City, the listed silver price is higher, at 981,000 VND/ounce (buying price) and 1,011,000 VND/ounce (selling price). The world silver price is currently at 792,000 VND/ounce (buying price) and 797,000 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 November 11, 2024:
Silver type | Unit | Hanoi | Ho Chi Minh City | ||
Buy | Sell | Buy | Sell | ||
99.9% Silver | 1 tael | 979,000 | 1,009,000 | 981,000 | 1,011,000 |
| 1 kg | 26,109,000 | 26,907,000 | 26,161,000 | 26,958,000 | |
| 99.99% Silver | 1 tael | 983,000 | 1,013,000 | 985,000 | 1,015,000 |
| 1 kg | 26,205,000 | 27,019,000 | 26,257,000 | 27,070,000 | |
Updated silver price list from Phu Quy Gold Investment Joint Stock Company as of November 11, 2024:
Silver type | Unit/VND | Hanoi | |
Buy | Sell | ||
Phu Quy 999 Silver Bars and Ingots | 1 tael | 1,165,000 | 1,201,000 |
| 999 Gold Ingots | 1 kg | 31,066,589 | 32,026,587 |
Latest update on world silver prices as of November 11, 2024:
| Unit | Today's world silver price (VND) | |
Buy | Sell | |
| 1 Ounce | 792,000 | 797,000 |
| 1 tael | 95,480 | 96,090 |
| 1 tael | 955,000 | 961,000 |
| 1 kg | 25,457,000 | 25,619,000 |
The precious metals market saw a positive trading session, with silver prices rising nearly 2% to $31.80 per ounce and platinum prices slightly increasing 0.6% to $999 per ounce. This move was driven by the Federal Reserve's decision to cut interest rates and the weakening of the US dollar.
As expected, the Fed decided to lower its target interest rate to 4.5% - 4.75%, equivalent to a 25 basis point reduction. This decision aims to support economic growth and address uncertainties in global markets.
Notably, FED Chairman Jerome Powell affirmed that the upcoming election will not affect the central bank's monetary policy direction. He also stated that the FED will continue to closely monitor the economic situation and is prepared to adjust policy if necessary.
Furthermore, the depreciation of the US dollar against other currencies is also a significant supporting factor for precious metal prices. The Dollar Index fell 0.55% to 104.51 points. The weakening of the US dollar reduces the cost of dollar-denominated investments for foreign investors, while also easing interest rate pressure, thereby attracting capital flows into the precious metals market.
The Fed's decision to lower interest rates and the weakening of the US dollar have given a strong boost to the precious metals market. However, investors need to continue closely monitoring developments in the global economy and the policies of other central banks to make appropriate investment decisions.
Source: https://congthuong.vn/gia-bac-hom-nay-11112024-bac-the-gioi-tang-ga-n-2-357977.html
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