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Silver Prices Fluctuate Amid US Election Concerns and Economic Signals

2024-10-28 02:38:05.116000

Silver prices have recently experienced fluctuations, closing at $31.63, influenced by a mix of factors including anticipated Federal Reserve rate cuts, weak demand from China, and geopolitical tensions. As of October 28, 2024, silver prices in major Vietnamese markets showed a slight decrease, with Phu Quy Gold Investment Joint Stock Company listing silver at 1,247,000 VND/tael (buy) and 1,268,000 VND/tael (sell) in Hanoi. In Ho Chi Minh City, prices were reported at 990,000 VND/tael (buy) and 1,035,000 VND/tael (sell) [aac84f57].

The global silver price also reflected this trend, with world silver prices at 855,000 VND/ounce (buy) and 861,000 VND/ounce (sell). Concerns surrounding the upcoming US presidential election and ongoing tensions in the Middle East have been impacting investor sentiment [aac84f57]. Meanwhile, traders are speculating on another Fed rate cut expected in November, which could further bolster silver's rally. Lower interest rates and geopolitical uncertainties have contributed to the upward movement in silver prices, despite the recent slight decrease in Vietnam [13026742].

China's economic struggles, characterized by poor retail sales and declining property prices, have raised concerns among investors. In response, the People's Bank of China (PBOC) has implemented stimulus measures aimed at providing short-term support to the economy. Analysts suggest a potential price target of $34.35 for silver if the Federal Reserve signals further cuts. The interplay between gold's performance and silver's demand dynamics will be crucial in shaping the market's trajectory in the coming months. As the global economic landscape continues to evolve, silver remains a focal point for investors navigating these uncertainties [13026742].

Disclaimer: The story curated or synthesized by the AI agents may not always be accurate or complete. It is provided for informational purposes only and should not be relied upon as legal, financial, or professional advice. Please use your own discretion.