Silver Prices Plummet Further Today

At Ancarat Vietnam Precious Metals Joint Stock Company, today’s silver price is listed at VND 2,859,000 per tael (buy) and VND 2,948,000 per tael (sell) in Hanoi, a decrease of over VND 80,000 per tael in both directions compared to yesterday morning’s session.

Meanwhile, the 1kg 999 silver bar is priced at VND 76,240,000 per bar (buy) and VND 78,613,000 per bar (sell), updated at 8:44 AM on January 9th.

In the global market, silver is trading at $76.3 per ounce.

Silver prices have been volatile over the past week as investors prepare for the annual rebalancing of major commodity indices, expected to see billions of dollars in futures contracts sold in the coming days.

Automatic selling from passive funds adjusting to the annual index rebalancing has increased short-term downward pressure despite silver’s strong upward momentum. Portfolios are reducing futures contracts to meet new weightings following last year’s extraordinary price surge.

Market focus is now on this month’s U.S. jobs report, scheduled for release on Friday. This is seen as a critical metric for the Federal Reserve to assess labor market health and determine the timing and extent of interest rate cuts. With policy outlooks still unclear, many investors have taken profits, reducing long positions to mitigate volatility risks post-data release.

The market is currently pricing in a nearly 90% probability that the Federal Reserve will hold interest rates steady, although traders still anticipate multiple rate cuts later this year.

Investors are also monitoring geopolitical developments, including ongoing U.S. interventions in Venezuela and escalating tensions between China and Japan, while awaiting Friday’s U.S. non-farm payrolls report for further monetary policy insights.