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 ​​out
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 ​​out
1 Ounce	773,000	777,000
1 finger	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 increase in silver prices far exceeds the 29.5% increase of gold prices in the same period. Precious metals analysts at Heraeus said that the outstanding performance of silver is attracting the attention of global investors.

Like many other metals, the spot price of silver is largely influenced by supply and demand, which includes 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 the start of 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 currently Mexico, China and Peru. The Silver Institute’s latest World Silver Survey, conducted by Metals Focus, shows that global silver mine production is set to fall 1% to 830.5 million ounces in 2023, largely due to a four-month suspension of operations at Newmont’s Peñasquito mine in Mexico due to a strike. Elsewhere, lower ore grades and mine closures have 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 expansions will contribute to supply growth. However, significant declines in Peru and China will weigh on the overall picture.

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 always volatile and influenced by many different factors. Careful analysis and diversification of investment portfolios are necessary to minimize risks.

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