Silver prices experienced a significant drop on July 24, 2023, with bullion prices falling by more than 1 million VND per kilogram. This decline was observed in both domestic and international markets, indicating a broader trend in silver pricing.

Current Silver Prices

As of 11:30 AM on July 24, the price of silver at Phu Quy was listed at 2,141,000 - 2,207,000 VND per tael for buying and selling, respectively. This represents a decrease of 39,000 VND per tael for buying and 40,000 VND for selling compared to the previous day's closing prices. Additionally, silver bullion at Phu Quy was trading at 57,093,000 - 58,853,000 VND per kilogram, marking a drop of 1.04 million VND for buying and 1.06 million VND for selling.

At Doji Group, the price for silver was recorded at 2,133,000 - 2,204,000 VND per tael, reflecting a decrease of 42,000 VND for buying and 43,000 VND for selling compared to the previous day.

Global Market Influence

Internationally, as of the same time, the spot price of silver on the Kitco exchange was at 57.18 USD per ounce, down 0.33 USD (-0.62%) from the previous trading session. Trading Economics noted that silver prices dropped close to 57 USD per ounce after a decline of over 3% in the prior session. This decrease is attributed to rising oil prices, which have surged due to escalating conflicts in the Middle East, reinforcing expectations for tighter monetary policy from the U.S.

Concerns about inflation have been heightened by these developments, leading to increased pressure on non-yielding assets like silver. The price of Brent crude oil surpassed 100 USD per barrel for the first time since May, further influencing the silver market.

Conclusion

The decline in silver prices on July 24 reflects a complex interplay of domestic adjustments and international market pressures. Investors are advised to stay informed about ongoing market trends and geopolitical developments that could impact precious metal prices.