Silver price today October 24: Sharp drop, should you buy?

(NLDO) - Domestic silver prices have not stopped falling following world prices.

On the morning of October 24, Sacombank -SBJ Gold and Gemstone Company listed the buying price of silver bars at 1.899 million VND/tael and the selling price at 1.947 million VND/tael, down 12,000 VND per tael compared to the end of yesterday.

Phu Quy Group traded silver bars at 1.862 million VND for buying and 1.92 million VND for selling.

Silver of other brands Ancarat and Golden Fun is traded around 1,928 million VND/tael (selling price).

In just about a week, each silver tael lost nearly 10% - wiping out the strong gains of the previous days.

In particular, last week, according to the reporter of Nguoi Lao Dong Newspaper, many investors placed silver orders at the price of 2.14 million VND/tael and the order volume per person was up to 300-500 taels. At the current price, if sold now, each tael of silver would have decreased by about 11.4%, meaning a loss of hundreds of millions of VND.

However, the demand for silver in the market remains high. Some companies said they are only accepting silver orders online instead of selling directly at the counter because the number of orders placed by customers has not yet been delivered.

Silver prices have lost about 10% over the past week.

On the other hand, some people are wondering whether they should buy silver when it is around 2 million VND/tael? According to some experts, silver prices are benefiting from the upward trend in line with gold and increased industrial demand. However, silver is also a highly volatile metal in the event of a downward reversal...

In the international market, at about 10:00 a.m. this morning, Vietnam time, silver price was traded at 48.71 USD/ounce, down about 0.53% compared to the previous session.

If calculated from the peak of 54.4 USD/ounce set last week, the price of silver has now lost about 11.6%. This is a very strong decrease of this metal in a short period of time.

However, since the beginning of the year, silver prices have increased by nearly 70% - a much higher increase than gold. Silver has also become a chosen investment channel in the context of the demand for safe havens from the rising market - in line with gold.

Currently, the world silver price converted according to the listed exchange rate is about 1.54 million VND/tael.

Silver prices fell continuously

Source: https://nld.com.vn/gia-bac-hom-nay-24-10-giam-rat-manh-co-nen-mua-vao-196251024100654877.htm