World and domestic silver prices rise again

Today's silver price is listed at 928,000 VND/tael for buying and 973,000 VND/tael for selling in Hanoi. The silver price in Ho Chi Minh City is listed higher at 930,000 VND/tael for buying and 975,000 VND/tael for selling. The world silver price is at 766,000 VND/ounce for buying and 770,000 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 21, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	928,000	973,000	930,000	975,000
	1 kg	24,760,000	25,958,000	24,798,000	26,004,000
Silver 99.99	1 amount	934,000	974,000	935,000	979,000
	1 kg	24,908,000	25,970,000	24,928,000	26,107,000

Latest update on world silver prices on September 21, 2024

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	766,000	770,000
1 only	92,304	92,896
1 amount	923,000	929,000
1 kg	24,614,000	24,772,000

The precious metals market is having a significant increase after the US Federal Reserve (FED) decided to loosen monetary policy after 4 years. Accordingly, the US reference interest rate decreased by 50 basis points (0.5%), to 4.75-5%.

In addition, US retail sales and industrial production both exceeded market forecasts, showing that the economy is still vibrant. This reduced inflationary pressure and prompted the FED to decide to cut interest rates.

"The committee is increasingly confident that inflation will moderate sustainably toward 2 percent. The probability of the labor market and inflation achieving the Fed's objectives is roughly equal," the Fed said.

US stocks reacted immediately to the news. The DJIA rose 303 points, or 0.7%. The S&P 500 and Nasdaq Composite added 0.7% and 0.9%, respectively.

The precious metal market such as gold, silver and platinum prices also increased vertically. The world gold price increased by nearly 30 USD, up to 2,596 USD per ounce.

The Fed's benchmark rate applies to overnight interbank loans. It is not the interest rate consumers and businesses pay, but the Fed's moves affect lending and savings rates.

When interest rates are low, borrowing costs are cheaper. Businesses can invest in new projects or hire more employees when interest rates are low. Similarly, consumers spend more because saving is less attractive.

However, economists say it will take at least a year for the impact of this adjustment to be felt in the economy. This explains why interest rates in the US increased in early 2022, but inflation only started to cool down a year later.

The Fed raised interest rates 11 times from March 2022 to July 2023 to curb inflation. In August, the US consumer price index (CPI) increased by 2.5%, down significantly from the peak of 9% over the same period in 2022. The personal expenditures index (PCE) - the Fed's preferred inflation measure - has also shown signs of cooling over the past two years.

Source: https://congthuong.vn/gia-bac-hom-nay-2192024-bac-the-gioi-va-trong-nuoc-tang-tro-lai-347261.html