Silver Prices Surge on October 31st

At Ancarat Vietnam Joint Stock Company, silver prices rebounded today, listed at VND 1,881,000 per tael (buy) and VND 1,937,000 per tael (sell) in Hanoi, an increase of over VND 70,000 in both buying and selling prices compared to early yesterday morning.

Meanwhile, the 999 silver bar weighing 1kg is priced at VND 49,384,000 per bar (buy) and VND 50,804,000 per bar (sell), updated at 9:08 AM on October 31st.

In the global market, silver prices surged to $49 per ounce.

Silver rose above $48 per ounce on Thursday (October 30th), recovering from a one-month low as technical buying activity met new policy developments.

The U.S. Federal Reserve (Fed) cut interest rates by 25 basis points to a target range of 3.75% to 4.00% and signaled the end of balance sheet reduction after November, with bond sales concluding on December 1st.

According to Ghiles Guezout, an analyst at FXStreet, the Fed’s rate cut and expectations of monetary easing have weakened the USD and bond yields, enhancing the appeal of gold and silver as safe-haven, non-yielding assets. “Political instability in Washington, particularly the prolonged U.S. government shutdown entering its fourth week, continues to drive safe-haven demand,” Guezout noted.

Technically, Jim Wyckoff of Kitco stated that December silver futures are approaching the strong resistance level of $48.50 to $49 per ounce, with a short-term target of surpassing $50 per ounce. Conversely, key support levels are identified at $46.90 and $45.50 per ounce—a breach of which could trigger significant selling pressure.

Experts believe that beyond its role as a safe-haven asset, silver benefits from industrial demand in electronics, renewable energy, and electric vehicle manufacturing. This factor helps the precious metal market maintain a stronger foundation compared to gold during short-term macroeconomic fluctuations.

Investors are closely monitoring the USD’s reaction and U.S. political developments to determine the next market direction. If the USD continues to weaken and uncertainties persist, silver could surpass the psychological threshold of $50 per ounce, initiating a new upward cycle in the precious metals market.