Silver Prices Hold Steady at Elevated Levels Today

According to data from Phu Quy Jewelry Corporation, the price of 999 silver per tael is listed at VND 2,196,000 (buy) and VND 2,264,000 (sell). The precious metal retreated from its peak today but remains at a high level, up over 100% since the beginning of the year.

Meanwhile, the price of 1kg 999 silver bars stands at VND 58,559,854 (buy) and VND 60,373,182 (sell), updated at 09:19 on December 4th.

In the global market, silver is trading at $58.5 USD/ounce.

Silver prices hovered around $58 USD/ounce on Wednesday (December 3rd), close to record highs and up approximately 100% since the start of the year. This trend reflects the precious metals market’s continued exposure to short-term profit-taking by investors, particularly after the previous strong rally fueled by expectations of loosening monetary policies from major central banks.

Data shows that silver-backed ETFs added about 200 tons on December 2nd, pushing total silver holdings to their highest level since 2022 amid robust demand. Record volumes of silver were also transported to London last month, tightening supply in other hubs, while silver inventories in Shanghai Futures Exchange warehouses dropped to their lowest in a decade.

Meanwhile, the Fed is widely expected to cut interest rates by 25 basis points next week, with markets also forecasting three additional 0.25% rate cuts in the coming year.