According to data from Phu Quy Jewelry Corporation, silver prices continued to rise today. One tael of 999 silver is listed at VND 2,168,000 (buy) and VND 2,235,000 (sell). This precious metal has reached a new peak, yielding investors a substantial profit of nearly 99% since the beginning of the year (compared to the selling price of VND 1,132,000 per tael on January 2nd).
Meanwhile, one kilogram of 999 silver bullion is priced at VND 57,813,189 (buy) and VND 59,599,851 (sell), as updated at 09:15 on December 1st.
On the global market, silver is trading at $57.5 per ounce.
According to precious metals analyst James Hyerczyk (FX Empire), silver’s upward trend was already established, but weaker-than-expected U.S. economic data has fueled its surge. A weakening U.S. dollar, declining bond yields, and growing recession fears have driven investors to silver as a safe-haven asset.
Hyerczyk added that the probability of the Federal Reserve cutting interest rates in December has risen to 89%, up from 50% last week. This, coupled with recent dovish remarks from Fed officials like New York Fed President John Williams and Governor Christopher Waller, is bolstering expectations of looser monetary policy. As a result, silver has become an attractive short-term investment.
Analysts predict that silver prices may remain stable with a slight upward trend if upcoming U.S. economic data continues to pressure the dollar.
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