Silver prices hit record highs

Green returned to cover the world's raw material market, in which silver prices hit a record high and oil prices escaped the lowest level of the past 5 months.

The MXV-Index jumped nearly 1.6% to 2,263 points, as cash flow poured into precious metals, with silver at the center of the market with a spectacular breakout.

Buying power dominates the metal commodity market. Source: MXV

Closing the trading session on October 13, the metal market witnessed overwhelming buying power, with 7/10 items increasing in price simultaneously. Leading the way was silver when the price jumped 6.7% to 50.43 USD/ounce - the highest level in trading history.

According to the Vietnam Commodity Exchange (MXV), the increase in silver this time does not come from monetary factors or interest rate policies, but mainly from the tension in physical supply on international exchanges.

Latest data shows that silver holdings in London have fallen sharply to multi-year lows, raising concerns about a real lack of liquidity in the physical market.

In addition, one-month silver lease rates spiked to over 30% late last week, a clear sign that the available silver in the system is running out.

According to domestic records this morning (October 14), the price of 999 silver increased by about 1.8% compared to the previous session. In Hanoi , the buying and selling prices fluctuated around 1.639 - 1.669 million VND/tael; and in Ho Chi Minh City, the price increased to 1.641 - 1.675 million VND/tael.

Energy commodity market is "bright green". Source: MXV

Yesterday, all five key energy commodities increased in price. After hitting a five-month low at the end of last week, world oil prices rose slightly again. Brent crude oil rose 0.94% to $63.32/barrel, while WTI rose 1% to $59.49/barrel.

According to MXV, market sentiment improved significantly after US Treasury Secretary Scott Bessent confirmed that the meeting between President Donald Trump and Chinese President Xi Jinping will still take place as planned on the sidelines of the APEC Summit in South Korea later this month. The resumption of dialogue between the two sides is seen as a signal of “cooling down macro risks”, helping money flow back to the energy group.

In addition, OPEC's October report maintained its demand growth forecast at 1.4 million barrels per day, while warning of a possible supply shortage. This contributed to maintaining expectations of a tightening supply-demand balance in the fourth quarter.

Source: https://hanoimoi.vn/gia-bac-cham-nguong-cao-ky-luc-719540.html