Silver price today October 31: World price soars, domestic price decreases

On the morning of October 31, the world silver price increased sharply to 49,039 USD/ounce. Contrary to the trend, the domestic silver price at Phu Quy Group was adjusted down by 14,000 VND/tael.

Mixed developments in the domestic and world silver markets

The domestic and international silver markets recorded opposite developments in the morning trading session on October 31. While the world silver price continued to increase sharply, prices at some major domestic brands were adjusted downward.

Domestic market

According to Phu Quy Gold and Gemstone Group ( Hanoi ), silver price is listed at 1,837,000 VND/tael (buy) and 1,894,000 VND/tael (sell). This price has decreased by 14,000 VND in both directions compared to the trading session on the morning of October 30.

Meanwhile, surveys at some other locations in Hanoi showed that the silver price was listed at 1,579,000 VND/tael for buying and 1,609,000 VND/tael for selling. In Ho Chi Minh City, the silver price was traded at 1,581,000 VND/tael for buying and 1,615,000 VND/tael for selling.

World silver prices increased sharply

In the international market, data from giabac.net at 06:14:23 on October 31 (Vietnam time) showed that the spot silver price was trading at 49,039 USD/ounce , up 1,214 USD/ounce compared to the previous session. The converted world silver price was listed at 1,290,000 VND/ounce for buying and 1,295,000 VND/ounce for selling, up 33,000 VND/ounce in both directions.

Domestic and world silver prices fluctuated in opposite directions in the morning trading session on October 31.

Analysis and forecast from experts

The silver market remains subdued due to the effects of previous overbought periods, said Christopher Lewis, precious metals analyst at FX Empire. He said any price increases would be carefully considered by investors.

Mr. Lewis believes that the threshold of 47 USD/ounce is an important support zone to monitor the next trend of silver prices. The expert gives possible scenarios:

• If silver prices maintain their recovery momentum, there is a possibility of an increase to $49/ounce .
• If it breaks above $49/ounce, the price could continue to move towards $52/ounce .
• Conversely, if prices fall, the market could see a sharp correction to the $42/ounce and even $40/ounce levels.

The expert also noted that silver is starting to attract more capital, causing prices to rise. However, he stressed that investors rushing to buy precious metals is often a sign that the market may have peaked.

Source: https://baolamdong.vn/gia-bac-hom-nay-3110-the-gioi-tang-vot-trong-nuoc-giam-399181.html