Domestic silver price
As of 9:45 a.m. on November 1, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Company Limited (Sacombank-SBJ) was listed at 1.881 - 1.929 million VND/tael (buy - sell); unchanged 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 1.864 - 1.922 million VND/tael (buy - sell); down 3,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 49.706 - 51.253 million VND/kg (buy - sell); down 80,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on November 1 (Vietnam time), the world silver price was listed at 48.63 USD/ounce; down 0.18 USD compared to yesterday morning.
Causes and predictions
Spot silver prices unexpectedly fell slightly in the weekend trading session after reaching a peak of 49.38 USD/ounce in yesterday's session (Friday). According to precious metals analyst James Hyerczyk at FX Empire, the inability to surpass this threshold shows that the sellers are still controlling the increase.
"Currently, the recovery from bottom of 45.55 USD/ounce for the week is just like a temporary break, not a clear reversal. Prices have approached the short-term resistance zone of 50.02 - 51.07 USD/ounce, and this area continues to be a closely monitored selling zone. If there is no clear breakthrough through this area, the short-term downtrend will remain the same," he said.
However, James Hyerczyk believes that the long-term trend is still leaning slightly towards an increase. The current $45.43/ounce level is playing an important support role, helping prices remain stable. Buyers still appear around this area, but buying power has weakened compared to before.
"The current situation becomes complicated when short-term and long-term trends are going in opposite directions, causing market fluctuations: each increase is sold out, while the decrease is protected.
Only when prices exceed 51.07 USD/ounce or fall below 45.43 USD/ounce will the new trend be truly clear. Currently, the selling side is still dominating, taking advantage of recovery periods to restart fake sales orders" - Hyerczyk analyzed.
See more news related to silver prices HERE...
