Silver price today May 8: Decreased across the board

On the morning of May 8, at Phu Quy Gold and Gemstone Group ( Hanoi ), Phu Quy silver price was listed at 1,254,000 VND/tael (buy) and 1,293,000 VND/tael (sell) in Hanoi, down 10,000 VND/tael for both buying and selling compared to yesterday morning's trading session.

Also in Hanoi, at other trading locations, silver prices are currently listed at VND1,046,000/tael (buy) and VND1,076,000/tael (sell), down VND6,000/tael for both buying and selling compared to yesterday morning's trading session.

In Ho Chi Minh City, silver prices also decreased, currently at VND1,048,000/tael (buy) and VND1,081,000/tael (sell), also down VND6,000/tael for both buying and selling compared to the previous session.

In the world market, the silver price listed on Goldprice.org is at 33.01 USD/ounce, down 0.60% compared to the previous session (32.71 USD/ounce).

Money has been pouring into precious metals as demand for safe haven assets increases amid global financial turmoil. According to the Institute of International Finance (IIF), total global debt increased by about $7.5 trillion in the first quarter alone, reaching a record of more than $324 trillion.

China, France and Germany were the three biggest contributors to the rally. Rising global debt pressures have raised concerns about financial instability, prompting investors to seek safe havens such as precious metals.

In addition, the US trade deficit in March increased to 140.5 billion USD, far exceeding the previous month's 123.2 billion USD, mainly due to flat exports while imports increased sharply to 419 billion USD.

This development reflects that domestic demand in the US remains high but export momentum is weakening, increasing concerns about the economic outlook and creating more momentum for safe-haven flows into precious metals.

Source: https://baodaknong.vn/gia-bac-hom-nay-8-5-dong-loat-giam-251818.html