Silver levels in the water are weakening.

Today's silver price has fallen sharply compared to yesterday, with the listed price at 1,075,000 VND/ounce for buying and 1,108,000 VND/ounce for selling in Hanoi. The world silver price is currently at 773,000 VND/ounce for buying and 777,000 VND/ounce for selling.

Updated silver price list from Phu Quy Gold Investment Joint Stock Company on October 9, 2024.

Silver type	Unit	Hanoi
		Buy	Sell
Phu Quy 999 Silver Bars and Ingots	1 tael	1,075,000	1,108,000
999 Gold Ingots	1 kg	28,666,595	29,546,593

Latest update on world silver prices on October 9, 2024

Unit	Today's world silver price (VND)
	Buy	Sell
1 Ounce	773,000	777,000
1 tael	93,228	93,677
1 tael	932,000	937,000
1 kg	24,861,000	24,981,000

When discussing the record-breaking surge in precious metals, investors often think of gold, but in reality, with the increase mentioned above, the rise in silver prices far surpasses the 29.5% increase in gold prices during the same period. Precious metals analysts at Heraeus say that silver's outstanding performance is attracting attention from global investors.

Like many other metals, the spot price of silver is primarily influenced by supply and demand, which includes both investment and industrial demand. Silver is purchased by both investors who view it as a value asset and manufacturers who seek to use silver for a variety of different applications.

In the past quarter, silver ETFs recorded a record 829 tonnes, the highest quarterly level since the beginning of 2021 when holdings peaked. The 34.3% increase in silver prices in the first nine months of the year also far outpaced the 29.5% increase in gold prices.

In terms of supply, the world's top three producers are currently Mexico, China, and Peru. The latest World Silver Survey report from the Silver Institute, conducted by Metals Focus, shows that global silver mining output has decreased by 1% to 830.5 million ounces in 2023. This is primarily due to a four-month shutdown at the Peñasquito mine in Newmont, Mexico, caused by a strike. Elsewhere, lower ore levels and mine closures have also reduced production in Argentina, Australia, and Russia.

The company said global silver production would fall 0.8% to 823.5 million ounces. In countries like the US and Morocco, both new and expansion projects contributed to supply growth. However, significant declines from Peru and China will somewhat negatively impact the overall situation.

In terms of demand, Metals Focus forecasts 2% growth for 2024 as industrial production reaches record highs, particularly in the solar energy market.

With strong support from increasing industrial demand, particularly in the clean energy sector, coupled with limited supply, silver prices could continue their upward trend in the near future. However, investors should note that the precious metals market is always volatile and influenced by various factors. Thorough analysis and portfolio diversification are essential to mitigate risk.

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