Silver price climbs to 12-year high

Silver prices today (October 24) reached a 12-year high due to increased safe-haven demand.

Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is listed at 1,241,000 VND/tael (buy) and 1,279,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price is currently listed at 1,016,000 VND/tael (buy) and 1,061,000 VND/tael (sell). In Ho Chi Minh City, silver price is listed higher, at 1,018,000 VND/tael (buy) and 1,063,000 VND/tael (sell). World silver price is at 877,000/ounce (buy) and 882,000/ounce (sell).

Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on October 24, 2024:

Silver type	Unit	Hanoi		Ho Chi Minh City
		Buy	Sell	Buy	Sell
Silver 99.9	1 amount	1,016,000	1,061,000	1,018,000	1,063,000
	1 kg	27,101,000	28,299,000	27,153,000	28,350,000
Silver 99.99	1 amount	1,020,000	1,065,000	1,022,000	1,067,000
	1 kg	27,197,000	28,411,000	27,249,000	28,462,000

Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on October 24, 2024:

Silver type	Unit/VND	Hanoi
		Buy	Sell
Silver bars, Phu Quy 999 silver bars	1 amount	1,241,000	1,279,000
Phu Quy 999 Silver Bar	1 kg	33,093,251	34,106,581

Latest update on world silver prices on October 24, 2024:

Unit	World silver price today (VND)
	Buy	Sell
1 Ounce	877,000	882,000
1 only	105,699	106,311
1 amount	1,057,000	1,063,000
1 kg	28,186,000	28,350,000

Closing the trading day, buying power returned to the metal market, supporting the price increase of most items in the group. For precious metals, silver prices continued to fluctuate around the 12-year high thanks to a 2.83% increase to $35.04/ounce. This was also the third consecutive increase in silver prices.

Precious metals continued to benefit from increased demand for safe-haven assets amid uncertainty surrounding the U.S. election and escalating tensions in the Middle East. Silver and platinum buying also picked up following a recent forecast from Citigroup, which revised its silver price forecast for the next six to 12 months to $40 an ounce from $38 an ounce previously.

Moreover, silver, which is more macro-sensitive than platinum, continued to be supported as the market reacted positively to the recent interest rate cut by China, the world’s largest consumer of metals. Specifically, on the morning of October 21, Chinese banks cut the loan prime rate (LPR) for both one-year and five-year terms by 25 basis points, now anchored at 3.1% and 3.6%, respectively.

Source: https://congthuong.vn/gia-bac-hom-nay-24102024-gia-bac-leo-dinh-12-nam-354300.html