Domestic silver price
As of 9:45 a.m. on October 1, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at 1.822 - 1.860 million VND/tael (buy - sell); an increase of 22,000 VND/tael in both directions compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) of silver bars at Ancarat Metallurgy Company was listed at 47.770 - 49.020 million VND/kg (buy - sell); an increase of 586,000 VND/kg in both directions compared to yesterday morning.
Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) listed the price of 999 Phuc Loc 999 gold bars (1 tael) at 1.835 - 1.875 million VND/tael (buy - sell); increased by 20,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.822 - 1.878 million VND/tael (buy - sell); an increase of 17,000 VND/tael in both directions compared to yesterday morning (September 30).
The price of 999 gold bars (1kg) at Phu Quy Jewelry Group was listed at 48.586 - 50.079 million VND/kg (buy - sell); an increase of 453,000 VND/kg in both directions compared to yesterday morning (September 30).
World silver price
On the world market, as of 9:45 a.m. on October 1 (Vietnam time), the world silver price was listed at 47.43 USD/ounce; up 0.43 USD compared to yesterday morning.
Causes and predictions
Silver prices remain high. At the moment, any correction could be a buying opportunity, and this is clearly not the right time to fake a sale, according to senior analyst Christopher Lewis.
"Silver demand remains high, while annual supply is difficult to meet. As green technology demands more and more silver, it is understandable that prices are rising. In addition, concerns about central bank policies and the possibility of consecutive interest rate cuts also contribute to the increase," said Christopher Lewis.
The expert commented that the recent decline of the US dollar (USD) has also had a positive impact, but in fact the upward trend of silver has appeared many years ago. It can be seen that the USD is under a lot of pressure, while silver is still maintaining its strength.
"Therefore, every withdrawal at this time easily attracts attention. It is likely that the market will re-evaluate the $45/ounce zone, possibly even retreat to $44/ounce before establishing a new trend" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
