According to data from Phu Quy Jewelry Corporation, silver prices remained stable today, with 999 silver at VND 1,863,000 per tael (buy) and VND 1,921,000 per tael (sell). A late-week recovery helped silver prices edge up by 0.5% over the past week.
Meanwhile, 1kg 999 silver bars held steady, priced at VND 49,679,876 per bar (buy) and VND 51,226,539 per bar (sell), as of 9:22 AM on November 3rd.
Globally, silver prices reached USD 48.8 per ounce.
Silver prices held above USD 48 per ounce as heightened market volatility boosted demand for safe-haven assets. Global equities experienced significant fluctuations last week amid growing concerns over AI infrastructure spending, while the Federal Reserve’s latest rate cut and the U.S.-China meeting provided limited new support.
The Fed implemented a widely anticipated quarter-point rate cut early last week, although Chairman Jerome Powell cautioned that no further cuts are certain in December.
The meeting between President Donald Trump and President Xi Jinping concluded with some trade concessions from both sides but lacked any major market-moving developments. Meanwhile, silver leasing rates in London retreated from record highs, indicating improved market liquidity.
According to analyst Christopher Lewis (FX Empire), USD 48 per ounce remains a critical technical resistance level. If it fails to hold, silver could retreat to USD 47 per ounce or even drop to around USD 42 per ounce, considered the next strong support level.
Lewis notes that trading volumes surged as prices approached peaks, then declined alongside prices—a classic sign of weakening upward momentum. He suggests that retail investor sentiment has begun to waver after a prolonged speculative rally since mid-October.
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