Domestic silver price
As of 9:50 a.m. on September 12, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 1.608 - 1.658 million/tael (buy - sell); an increase of VND 32,000/tael for buying and an increase of VND 33,000/tael for selling compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.608 - 1.658 million VND/tael (buy - sell); an increase of 32,000 VND/tael for buying and an increase of 33,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 42.879 - 44.213 million VND/kg (buy - sell); an increase of 853,000 VND/kg for buying and an increase of 880,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:50 a.m. on September 12 (Vietnam time), the world silver price was listed at 41.99 USD/ounce; up 0.87 USD compared to yesterday morning.
Causes and predictions
According to senior analyst Christopher Lewis, $42/ounce is an important threshold, which could keep silver prices temporarily stable.
He commented: Previously, silver prices had increased very quickly, so moving sideways for about 6 - 7 sessions in the past was considered the period when the market cooled down and accumulated. In addition, prices are also approaching the peak of the upward channel, making the adjustment process more obvious.
According to Christopher Lewis, the main factor influencing investor sentiment today is the expectation that the US Federal Reserve (FED) will cut interest rates next week. However, the European Central Bank's (ECB) interest rate announcement will also have a significant impact, as the ECB is expected to announce the decision on Thursday next week.
"If silver prices fall from the current range, the $40/ounce threshold could play an important support role. Conversely, if prices get above the resistance zone, the next target could be towards $45/ounce," Christopher Lewis said.
Christopher Lewis added that despite strong short-term fluctuations, the long-term trend of silver is still leaning towards increasing prices, thanks to strong buying power and expectations of loose monetary policy.
See more news related to silver prices HERE...
