Silver price today October 27: Continues to drop sharply, silver investors cry

(NLDO) – Domestic silver prices plummeted following world prices, Phu Quy silver sold for less than 1.9 million VND/tael.

On October 27, Sacombank Gold and Gemstone Company (SBJ) listed the buying price of silver bars at VND1,866 million/tael and the selling price at VND1,914 million/tael - down VND33,000 compared to the weekend.

Silver bar price decreased more sharply at Phu Quy Group, when buying it was only 1,837 million VND/tael, selling it was 1,894 million VND/tael.

Silver of other brands such as Ancarat and Golden Fun is traded at around 1.9 million VND/tael (selling price).

In the past week, silver prices have lost more than 7%. If calculated from the historical peak of over VND2,145 million/tael, those who bought silver at the peak have lost up to 13.2%.

Silver prices fell continuously today

Many investors expressed surprise at the continuous decline of this precious metal. Mr. Truong Anh (living in Ho Chi Minh City) said that about a month ago, his friends invited him to buy silver for long-term accumulation when the price exceeded 2.1 million VND/tael. At that time, he even lined up to buy silver and registered to buy silver online.

"Up to now, in just 2 weeks, the investment in silver has lost more than 10%" - Mr. Truong Anh worried.

In the international market, silver price today is trading at 47.9 USD/ounce, down 1.55% compared to the closing price last weekend. If calculated from the peak of 54.4 USD/ounce, each ounce of silver is losing more than 13%.

Silver is being sold off at the same pace as gold, but the rate of decline is faster. Previously, answering the newspaper Nguoi Lao Dong, Dr. Nguyen Duy Quang, University of Economics and Finance, Ho Chi Minh City (UEF), commented that domestic silver is very volatile and has a greater volatility than gold, so the price fluctuations are often stronger. When the world price falls below the threshold of 48 USD/ounce, the risk of triggering a wave of sell-offs is likely to appear, creating strong pressure on domestic prices.

Currently, the world silver price converted according to the listed exchange rate is about 1.52 million VND/tael.

Source: https://nld.com.vn/gia-bac-hom-nay-27-10-tiep-tuc-giam-sau-nguoi-dau-tu-bac-khoc-rong-19625102711285899.htm