Domestic silver weakens

Silver price today decreased sharply compared to yesterday, silver price listed at 1,075,000 VND/tael for buying and 1,108,000 VND/tael for selling in Hanoi. World silver price is at 773,000/ounce for buying and 777,000/ounce for selling.

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on October 9, 2024

Silver type	Unit	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,075,000	1,108,000
Phu Quy 999 Silver Bar	1 kg	28,666,595	29,546,593

Latest update on world silver prices on October 9, 2024

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	773,000	777,000
1 only	93,228	93,677
1 amount	932,000	937,000
1 kg	24,861,000	24,981,000

When it comes to the record-breaking rally of precious metals, investors often think of gold, but in fact, with the above increase, the price of silver has increased by far more than the 29.5% increase of gold in the same period. Precious metals analysts at Heraeus said that silver's outstanding performance is attracting the attention of global investors.

Like many metals, the spot price of silver is largely influenced by supply and demand, including both investment and industrial demand. Silver is purchased by both investors who view it as a store of value and manufacturers who seek to use it for a variety of applications.

Silver ETFs recorded a record 829 tonnes in the last quarter, the highest quarterly holding since early 2021 when holdings peaked. Silver’s 34.3% gain in the first nine months of the year far outpaced gold’s 29.5% gain.

In terms of supply, the world’s top three producers are now Mexico, China and Peru. The Silver Institute’s latest World Silver Survey, compiled by Metals Focus, shows global silver mine production falling 1% to 830.5 million ounces in 2023, largely due to a four-month shutdown at Newmont’s Peñasquito mine in Mexico due to a strike. Elsewhere, lower ore grades and mine closures also reduced output in Argentina, Australia and Russia.

The company said global silver production will fall 0.8% to 823.5 million ounces. In countries such as the US and Morocco, both new projects and expansion projects will contribute to supply growth. However, significant declines in Peru and China will somewhat negatively affect the overall situation.

On the demand side, Metals Focus forecasts 2% growth for 2024 as industrial production hits record highs, particularly in the solar market.

With strong support from growing industrial demand, especially in the clean energy sector, and limited supply, silver prices could continue to grow in the coming period. However, investors should note that the precious metals market is volatile and affected by many different factors. Careful analysis and diversification of investment portfolios are essential to minimize risks.

Source: https://congthuong.vn/gia-bac-hom-nay-9102024-bac-trong-nuoc-suy-yeu-351131.html