Silver price fluctuations on October 14: Domestic silver increased by 2.5 million VND/kg

Domestic silver price

As of 10:51 a.m. on October 14, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at 2.043 - 2.094 million VND/tael (buy - sell); an increase of 75,000 VND/tael for buying and an increase of 81,000 VND/tael for selling compared to yesterday morning.

At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 2.036 - 2.099 million VND/tael (buy - sell); an increase of 92,000 VND/tael for buying and an increase of 95,000 VND/tael for selling compared to yesterday morning.

The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at VND54.293 - 55.973 million/kg (buy - sell); an increase of VND2.454 million/kg for buying and an increase of VND2.534 million/kg for selling compared to yesterday morning.

World silver price

On the world market, as of 10:51 a.m. on October 14 (Vietnam time), the world silver price was listed at 53.12 USD/ounce; an increase of 2.29 USD compared to yesterday morning.

Causes and predictions

Silver prices opened the new week with an increase of more than 5%, as traders closely monitored reversal signals and the possibility of a short-term correction. Despite the cautious market sentiment, precious metals analyst Christopher Lewis is still optimistic, saying that the main trend of silver is still solid with many important supporting regions - opening up buying opportunities for investors.

Christopher Lewis said that in the session on Monday morning, the price of silver for futures month increased by more than 5%, while the price of spot delivery was somewhat different.

"The market also saw backwardation - when futures are lower than spot prices - showing that some traders believe that silver prices may be in the area that is too high and there is room for adjustment. However, this still needs time to be confirmed" - the expert said.

He said that selling fake at this time is very risky. A slight correction may occur, but a long-term downtrend has not appeared.

"In general, the increase in silver is still very strong. Short-term price drops - if any - are likely to become a buying opportunity, with notable support zones at $48, $47 and $46/ounce," Christopher Lewis said.