Domestic silver prices
As of 9:15 am on May 11, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 3.037 - 3.112 million VND/tael (buying - selling); an increase of 21,000 VND/tael on the buying side and an increase of 22,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 80.056 - 82.486 million VND/kg (buying - selling); an increase of 576,000 VND/kg on the buying side and an increase of 586,000 VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 3.055 - 3.149 million VND/tael (buying - selling); an increase of 18,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 3.055 - 3.149 million VND/tael (buying - selling); an increase of 18,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at the threshold of 81.466 - 83.973 million VND/kg (buying - selling); an increase of 480,000 VND/kg on the buying side and an increase of 470,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on May 11 (Vietnam time), the world silver price was listed at 81.44 USD/ounce; an increase of 1.13 USD compared to yesterday morning.
Causes and forecasts
According to precious metals analyst James Hyerczyk from FX Empire, the silver market has just experienced its strongest trading week since the beginning of the year as a series of macroeconomic factors simultaneously shifted in a direction favorable for this precious metal.
According to Mr. James Hyerczyk, many investors may think that silver increased sharply due to safe-haven demand, but in fact the market is reacting mainly to the developments of interest rates.
He believes that silver is an asset that does not generate yields, so when US Treasury bond yields decrease, the attractiveness of silver increases very quickly. Conversely, when yields increase, cash flow often shifts to assets with better profitability.
At the same time, the USD index also weakened for most of the trading time as investors adjusted their positions in the face of important economic data and re-evaluated the policy outlook of the US Federal Reserve (Fed).
The declining USD makes silver cheaper for investors holding other currencies, thereby boosting buying demand in the international market," he said.
According to Mr. Hyerczyk's analysis, fuel prices also play an important catalyst for the increase in silver. The decrease in fuel prices has led to lower inflation expectations, while increasing the possibility that the Fed has more room to adjust monetary policy in the future. This has caused US bond yields to fall deeper and created a favorable environment for silver to appreciate.
Although gold also benefits from the weakening trend of the USD and decreasing yields, silver has increased more strongly thanks to the dual role of this metal. In addition to its function as an investment asset, silver is also an important material in many industries such as solar energy, electronics and electric vehicles" - Mr. Hyerczyk said.
According to Mr. Hyerczyk, as monetary conditions become more favorable and economic prospects improve, silver often attracts cash flow from both financial investors and industrial demand. This is why this metal had a higher increase than gold last week.
Experts from FX Empire believe that the focus of this week's market will be the US April Consumer Price Index (CPI) report, expected to be released on Tuesday. After months of focusing on job data, the market is now shifting its focus to inflation.
According to Mr. Hyerczyk, if inflation continues to be higher than expected, bond yields and the USD may recover, putting downward pressure on silver. Conversely, if inflation cools down, expectations of the Fed cutting interest rates will return and continue to support the upward momentum of this precious metal.
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