Silver price fluctuations 13.1: Breakthrough increase, many supporting factors

Domestic silver prices

As of 10:00 AM on January 13, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Jewelry Company was listed at the threshold of 3.207 - 3.286 million VND/tael (buying - selling); an increase of 74,000 VND/tael on the buying side and an increase of 76,000 VND/tael on the selling side compared to yesterday morning.

The price of 2025 Ancarat 999 (1kg) at Ancarat Jewelry Company is listed at 84.556 - 87.126 million VND/kg (buying - selling); an increase of 1.966 million VND/kg on the buying side and an increase of 2.026 million VND/kg on the selling side compared to yesterday morning.

The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Bank Jewelry Company Limited (Sacombank-SBJ) is listed at the threshold of 3,225 - 3,309 million VND/tael (buying - selling); an increase of 69,000 VND/tael on the buying side and an increase of 72,000 VND/tael on the selling side 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 3.215 - 3.314 million VND/tael (buying - selling); an increase of 89,000 VND/tael on the buying side and an increase of 91,000 VND/tael on the selling side compared to yesterday morning.

The price of 999 silver bars (1kg) at Phu Quy Jewelry Group is listed at the threshold of 85.733 - 88.373 million VND/kg (buying - selling); an increase of 2.374 million VND/kg on the buying side and an increase of 2.427 million VND/kg on the selling side compared to yesterday morning.

World silver prices

On the world market, as of 10:00 AM on January 13 (Vietnam time), the world silver price was listed at 85.89 USD/ounce; up 2.48 USD compared to yesterday morning.

Causes and forecasts

The silver market is witnessing an unprecedented price increase as silver prices officially surpassed the 85 USD/ounce mark, thereby setting a new record high.

Commenting on the market outlook, precious metal analyst Christopher Lewis at FX Empire said that, from a technical perspective, there is currently no signal showing that the upward momentum of silver prices will soon slow down, even the price may reach the 100 USD/ounce mark.

This is unimaginable in the context that for more than 20 years, silver prices have been almost restrained at a low level despite increasingly limited supply," he said.

According to Christopher Lewis, the core story of the market today still revolves around the lack of silver supply. Meanwhile, demand is increasing sharply thanks to the explosion of artificial intelligence (AI) data centers and many other new technologies.

These factors have been mentioned for many years, but only recently has the market really realized their importance, and that quickly reflects in the price" - Christopher Lewis said.

Besides supply and demand factors, the silver market this week is also significantly affected by macroeconomic data and geopolitical factors.

Gold metal analyst James Hyerczyk at FX Empire believes that investors are paying special attention to the December Consumer Price Index (CPI) released on Tuesday and the Producer Price Index (PPI) released on Thursday, to assess the monetary policy outlook of the US Federal Reserve (Fed).

According to forecasts, the core CPI in December increased by 0.3%, slightly higher than the 0.2% of the previous month. The overall monthly CPI is also expected to increase by 0.3%, while the annual CPI remains unchanged at 2.7%. With these figures, the Fed's position is likely not to change significantly and will continue to depend on economic data in upcoming decisions" - James Hyerczyk said.

In that context, James Hyerczyk said that precious metal traders, including silver and gold, are recommended to maintain positive prospects, unless actual inflation far exceeds current forecasts.