Domestic silver price
As of 10:00 on September 13, the price of 999 999 coins (1 tael) at Ancarat Metallurgy Company was listed at VND 1.609 - 1.647 million/tael (buy - sell).
The price of 999 Ancarat 999 (1kg) at Ancarat Metallurgy Company is listed at 42.240 - 43.340 million VND/kg (buy - sell).
The price of 2024 Ancarat 999 (1kg) silver bars at Ancarat Metallurgy Company was listed at 42.906 - 43.920 million VND/kg (buy - sell).
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.617 - 1.667 million VND/tael (buy - sell); an increase of 9,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.617 - 1.667 million VND/tael (buy - sell); an increase of 9,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 43,119 - 44.453 million VND/kg (buy - sell); an increase of 240,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:00 a.m. on September 13 (Vietnam time), the world silver price was listed at 42.02 USD/ounce; up 0.03 USD compared to yesterday morning.
Causes and predictions
Silver prices bounced strongly in the last session of the week, bringing the precious metal closer to its highest level in many years. According to analyst James Hyerczyk, the increase was driven by expectations that the US Federal Reserve (FED) will cut interest rates at the meeting on September 17. Meanwhile, investors are also stepping up buying to prevent inflation.
"While the August CPI increased slightly, the weak labor market caused greater pressure to cut interest rates, dragging real yields down and supporting gold and silver - both metals affected by the less positive macroeconomic context" - he said.
The expert said that silver prices have skyrocketed to $42/ounce and could challenge the resistance level of $44.22/ounce. The nearest support zones are at 40.73 and 40.40 USD/ounce. If it breaks through, prices could retreat to around $28.70 an ounce.
With the technical context and basic factors favorable, James Hyerczyk predicts that silver will continue to trend upward, but is still sensitive to information from the FED at the upcoming meeting.
"Traders should pay attention to the 42.46 USD/ounce mark to confirm the breakthrough and 40.40 USD/ounce as an important directional rotation threshold if prices fall" - James Hyerczyk commented.
See more news related to silver prices HERE...
