Domestic silver prices
As of 10:20 am on April 13, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.786 - 2.854 million VND/tael (buying - selling); down 62,000 VND/tael on the buying side and down 64,000 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 73.456 - 75.686 million VND/kg (buying - selling); down 1.578 million VND/kg on the buying side and down 1.628 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 Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at the threshold of 2.790 - 2.874 million VND/tael (buying - selling); down 51,000 VND/tael in both buying and selling 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 2,780 - 2,866 million VND/tael (buying - selling); down 71,000 VND/tael on the buying side and down 73,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 74.133 - 76.426 million VND/kg (buying - selling); down 1.893 million VND/kg on the buying side and down 1.947 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:20 am on April 13 (Vietnam time), the world silver price was listed at 74.31 USD/ounce; down 1.39 USD compared to yesterday morning.
Causes and forecasts
Silver prices opened the trading week with a slight downward trend. However, the upward outlook for this metal is still maintained thanks to some important supporting factors.
Among them, the most notable is the weakening of the USD. When the greenback depreciates, silver becomes cheaper for international investors, thereby contributing to boosting buying demand and supporting prices.
Regarding economic data, the consumer price index (CPI) in March increased by 0.9% compared to the previous month, significantly higher than the 0.3% increase in February. Year-on-year, inflation also increased sharply to 3.3%, compared to 2.4% previously.
Meanwhile, core CPI - excluding energy and food prices - increased 0.2% in the month and reached 2.6% compared to the same period last year, slightly up from 2.5%.
According to precious metals analyst James Hyerczyk of FX Empire, although inflation is increasing, the market is not reacting too strongly. Silver price movements are currently mainly following the trend of the USD, rather than being directly affected by inflation figures.
Usually, a high interest rate environment is not beneficial for silver because this is a non-interest-generating asset. However, in the context of the weakening USD, pressure from interest rates has been somewhat overwhelmed, thereby supporting silver prices in the short term," he said.
James Hyerczyk added that the situation of supply not keeping up with demand is considered a solid foundation factor, contributing to supporting silver prices in the long term, despite short-term fluctuations.
In the short term, the diễn biến of the USD continues to be a decisive factor for silver prices. If the greenback maintains its weakening momentum, silver is likely to be supported, even when inflation is high. Conversely, if the USD recovers along with rising bond yields, silver prices may be under adjustment pressure" - James Hyerczyk gave his opinion.
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