Domestic silver price
As of 9:00 a.m. on April 10, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND 1.203 - 1.240 million/tael (buy - sell); an increase of VND 21,000/tael for both buying and selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.203 - 1.240 million VND/tael (buy - sell); increased by 21,000 VND/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 (1kilo) taels of silver at Phu Quy Jewelry Group was listed at 31,439 - 32,399 million VND/kg (buy - sell); an increase of 640,000 VND/kg for buying and an increase of 667,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:05 a.m. on April 10 (Vietnam time), the world silver price listed on Goldprice.org was at 31.09 USD/ounce; up 4.34% compared to yesterday's trading session.
Causes and predictions
Silver prices recorded a strong increase in the last trading session. According to Ernest Hoffman - market analyst of Kitco News, last week, the market witnessed assets being heavily discounted in many consecutive trading sessions after the announcement of US tariffs on April 2. However, the market has rebounded after the tariffs were imposed for 90 days, except for China.
US President Donald Trump announced on social media at 1:30 p.m. on April 9 (local time) that more than 75 trade partners have not retaliated and have contacted the US to negotiate some of the issues he had raised earlier. President Trump has allowed a 90-day tax pause.
Meanwhile, the 60-day moratorium does not apply to China, which has imposed an 84% retaliatory tax on US goods. In addition, President Trump has increased tariffs on Chinese goods to 125%, effective immediately.
This news sent stock indexes soaring, with the S&P 500 and Dow both up 6% in just 15 minutes, while the Nasdaq - which has endured many sharp declines in the past week - increased by 6.5%. Bitcoin also benefited greatly from the tariff information, as the price of this leading cryptocurrency increased by 3.34% in just 15 minutes.
Ernest Hoffman said that the price of precious metals has fluctuated strongly after Donald Trump's surprise announcement.
"Cold doubled its day's gains just minutes after the announcement, as spot silver surpassed $31 an ounce," he said.
See more news related to silver prices HERE...
