Silver Price Today, October 29: A Sharp Upturn in the Market

On October 29th, the price of Phu Quy silver bars surged significantly, with buying rates reaching 1,819 million VND and selling rates at 1,875 million VND per tael, marking a 32,000 VND increase compared to the previous morning.

Sacombank Jewelry Company (SBJ) listed their silver bars at 1,818 million VND for buying and 1,866 million VND for selling, also rebounding by 33,000 VND.

Other silver brands like Ancarat and Golden Fun traded between 1,870 and 1,875 million VND per tael (selling price).

In the international market, silver prices rose to $47.5 USD per ounce, a 0.84% increase from the previous session.

Precious metals rebounded in tandem with gold prices, following consecutive days of sell-offs.

After hitting a three-week low, silver prices are expected to recover to the $50 USD per ounce mark.

However, this level remains significantly lower than the historical peak of over $54.4 USD per ounce in mid-October. The market awaits further updates from the US Federal Reserve’s policy meeting. Most forecasts suggest the Fed may cut interest rates by an additional 0.25%. If the US reduces interest rates, the USD could weaken, potentially boosting gold prices.

Currently, the global silver price converted at the listed exchange rate is approximately 1.23 million VND per tael.

Domestically, many investors are hopeful for a silver price recovery after previously chasing the peak at 2.14 million VND per tael.

Conversely, some are waiting for prices to drop to the 1.5 million VND per tael range before considering purchases.

Although lower than the historical peak of 2.14 million VND, domestic silver prices have still risen by approximately 64%, making it a more profitable investment channel than gold.