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World silver continues to weaken

Báo Công thươngBáo Công thương05/09/2024


Today's silver price is listed at 646,500 VND/tael for buying and 670,800 VND/tael for selling in Hanoi. The silver price in Ho Chi Minh City is listed higher at 648,400 VND/tael for buying and 671,500 VND/tael for selling. The world silver price decreased with the price of 696,000 VND/ounce for buying and 701,000 VND/ounce for selling.

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on September 5, 2024:

Silver type

Unit

Hanoi

Ho Chi Minh City

Buy

Sell

Buy

Sell

Silver 99.9

1 amount

646,500

670,800

648,400

671,500

1 kg 17,240,000 17,888,000 17,290,000 17,907,000
Silver 99.99 1 amount 648,800 672,600 650,300 674,100
1 kg 17,300,000 17,937,000 17,340,000 17,977,000

Latest update on world silver prices on September 5, 2024

Unit

World silver price today (VND)

Buy

Sell

1 Ounce

696,000

701,000

1 only 83,923 84,523
1 amount 839,000 845,000
1 kg 22,379,000 22,539,000

The precious metals market is quite quiet with thin liquidity, affected by concerns about the US Federal Reserve's (FED) interest rate adjustment roadmap.

As of 1:30 a.m. this morning, silver prices fell 0.87% to $28.8/ounce, while platinum prices also lost 0.23% to $930.1/ounce. The volatility of this group of precious metals mainly comes from uncertainty about the Fed's interest rate outlook.

Data released over the weekend showed that the US inflation rate is slowing down. Specifically, the US personal consumption expenditures (PCE) price index and core PCE remained unchanged from the previous month, at 2.5% and 2.6%, respectively, in July. This is contrary to the expectations of many investors that inflation will continue to cool down.

The stubbornness of US inflation has investors worried that the Fed may be more cautious in cutting interest rates. Instead of cutting 50 basis points as previously forecast, the Fed is likely to cut only 25 basis points at the September meeting.

For a clearer picture of the Fed’s upcoming monetary policy decision, the market is turning its attention to the US non-farm payrolls report due on Friday (September 6). If the report shows the labor market remains hot, it will reinforce the view that the Fed needs to keep interest rates higher for longer.

Conversely, if the jobs report shows signs of weakness, this could pave the way for the Fed to implement more aggressive monetary easing measures, thereby supporting precious metal prices to rise again.

In summary, the precious metals market is experiencing an unpredictable period of volatility due to the impact of conflicting information on inflation and the Fed's monetary policy. Investors need to closely monitor market developments to make appropriate investment decisions.



Source: https://congthuong.vn/gia-bac-hom-nay-592024-bac-the-gioi-tiep-tuc-suy-yeu-343474.html

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