The Vietnamese gold and silver market is witnessing fluctuations as both metals see slight price increases on December 28, 2024, reflecting broader economic uncertainties affecting market sentiment. According to initial data, silver prices have shown upward trends amid the backdrop of international economic oscillations.
On the domestic front, silver prices are being reported at different levels across various trading venues. For example, Hanoi-based Phú Quý lists the silver buy price at 1,106,000 VND per tael and the sale price at 1,140,000 VND per tael. Other locations within the capital have also indicated rising prices, with silver offered at 926,000 VND per tael for buying and 967,000 VND for selling. Meanwhile, prices recorded from suppliers in Ho Chi Minh City are at 928,000 VND per tael for purchase and 969,000 VND for sale.
The global silver market has also adjusted slightly up, trading at 755,000 VND per ounce for buying and 760,000 VND for selling. These domestic advances come as the global silver prices maintain their growth, significantly influenced by favorable economic data stemming from the United States.
Shifting focus to the world gold prices, local transactions are reflecting similar upward trends. The SJC brand is reporting gold prices at 82.7 million VND per tael for buying and 84.7 million VND for selling, marking a 200,000 VND increase from previous rates. Other notable brands such as DOJI also reflect this upward movement with the same price changes. Meanwhile, banks are listing the gold price uniformly at 84.7 million VND per tael.
Even as world gold prices experienced slight drops, with spot prices hovering around 2,618.46 USD per ounce—down 0.59% from prior rates—the local markets' performance remains resilient, capitalizing on supply-demand dynamics and operational costs within Vietnam.
Several factors are contributing to these observable trends, particularly the positive inflation signals from the U.S. Data indicated the core personal consumption expenditures (PCE) index for November increased to 2.8%, which fell below expectations, decreasing the likelihood of the Federal Reserve instituting interest rate hikes. This environment has provided favorable conditions for precious metal prices to ascend.
Investor sentiment, highly influenced by global economic conditions, continues to favor safe-haven assets amid persistent global tensions. With the domestic price levels for SJC gold sitting approximately 3.5 million VND higher than international prices, it is evident there lies scarcity within the local supply chain driving these dynamics.
Predictions about future price movements for both silver and gold suggest potential stability or slight increases. Analysts speculate heightened demand from both the industrial and investment sectors will sustain these upwards trends.
Market observers remain cautious, noting the global euphoria surrounding gold may slightly shift during forthcoming economic updates and monetary policy adjustments. The essence lies within anticipation of forthcoming U.S. economic data which could significantly influence the fiscal landscapes abroad and hence the domestic markets.
Despite fluctuations amid seasonal holiday pressures, the silver and gold markets must be monitored closely as they are likely to evolve, especially as key trading centers like London and Shanghai potentially resume normal trading activity.
Equipped with diverse insights, market participants are evaluating the tributary pathways of gold and silver prices, remaining alert to geopolitical strains and economic sentiments prevailing as 2024 draws to an end.
