Silver price today (December 3), the world and domestic silver market recorded another price decrease after the recovery last weekend.
Silver price today at Phu Quy Gold Investment Joint Stock Company, silver price is stable at 1,137,000 VND/tael (buy) and 1,172,000 VND/tael (sell) in Hanoi. In addition, according to a survey at other transaction locations in Hanoi, silver price is currently listed at 940,000 VND/tael (buy) and 970,000 VND/tael (sell). In Ho Chi Minh City, silver price also recorded a decrease at 942,000 VND/tael (buy) and 972,000 VND/tael (sell). World silver price decreased at 768,000/ounce (buy) and 773,000/ounce (sell).
Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on December 3, 2024:
Silver type | Unit | Hanoi | Ho Chi Minh City | ||
Buy | Sell | Buy | Sell | ||
Silver 99.9 | 1 amount | 940,000 | 970,000 | 942,000 | 972,000 |
| 1 kg | 25,060,000 | 25,858,000 | 25,112,000 | 25,909,000 | |
| Silver 99.99 | 1 amount | 947,000 | 978,000 | 949,000 | 980,000 |
| 1 kg | 25,266,000 | 26,070,000 | 25,308,000 | 26,121,000 | |
Update the latest silver price list of Phu Quy Gold Investment Joint Stock Company on December 3, 2024:
Silver type | Unit/VND | Hanoi | |
Buy | Sell | ||
Silver bars, Phu Quy 999 silver bars | 1 amount | 1,137,000 | 1,172,000 |
| Phu Quy 999 Silver Bar | 1 kg | 30,319,924 | 31,253,255 |
Latest update on world silver prices on December 3, 2024:
| Unit | World silver price today (VND) | |
Buy | Sell | |
| 1 Ounce | 768,000 | 773,000 |
| 1 only | 92,584 | 93,197 |
| 1 amount | 926,000 | 932,000 |
| 1 kg | 24,689,000 | 24,852,000 |
The silver market is in turmoil. World silver recorded another session of decline. Despite a short-term recovery over the weekend, the precious metal still faces major challenges, especially from weak industrial demand and high inventories in China.
With more than half of global silver production (about 58%) used in industries, especially in the production of electric vehicles, silver price movements are closely linked to industrial production. The growth of the electric vehicle industry, which is one of the main drivers of silver demand, is influenced by many factors, including supportive government policies.
China, as one of the world’s largest producers and consumers of silver, is playing a key role in shaping the price trend of the precious metal. Currently, the country’s silver inventories are at a record high of 1,200 tonnes, putting significant pressure on silver prices in the medium to long term.
The increase in silver inventories in China is largely due to a decline in domestic demand for silver, partly due to restrictions on real estate and carbon-intensive energy industries. This means that there is an excess supply of silver on the market, putting downward pressure on prices.
Another reason for the volatility in silver prices is the escalating geopolitical tensions in the Middle East, especially in Syria. Investors seek silver as a safe haven asset in times of uncertainty, similar to the trend that has occurred with gold. The US market was quiet during the Thanksgiving holiday. This somewhat reduced the upward momentum in the international silver market.
Source: https://congthuong.vn/gia-bac-hom-nay-3122024-bac-quay-da-u-gia-m-nhe-362068.html
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