Domestic silver prices
As of 9:00 AM on May 1st, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.808 - 2.877 million VND/tael (buying - selling); an increase of 60,000 VND/tael on the buying side and an increase of 61,000 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 73,970 - 76,220 million VND/kg (buying - selling); an increase of 1.576 million VND/kg on the buying side and an increase of 1.626 million VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at 2,800 - 2,907 million VND/tael (buying - selling); an increase of 56,000 VND/tael on the buying side and an increase of 58,000 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 2,810 - 2,897 million VND/tael (buying - selling); an increase of 56,000 VND/tael on the buying side and an increase of 58,000 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 74.933 - 77.253 million VND/kg (buying - selling); an increase of 1.494 million VND/kg on the buying side and an increase of 1.547 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on May 1 (Vietnam time), the world silver price was listed at 74.14 USD/ounce; an increase of 1.66 USD compared to yesterday morning.
Causes and forecasts
According to precious metals expert Christopher Lewis from FX Empire, the silver market just recorded a significant increase in Friday morning's trading session, amid interest rates in the US showing signs of cooling down. This development partly brings "ease of breathing" to the market that has been under pressure recently.
Specifically, the yield of 10-year US government bonds - an important indicator often followed by investors - is showing signs of slowing down. "Decreasing yields often support the prices of precious metals, including silver, due to reducing the opportunity cost of holding non-performing assets," Christopher Lewis said.
Besides the interest rate factor, Christopher Lewis believes that geopolitical instability in the Middle East and the risk of energy supply disruption are also contributing to the market. This is considered one of the reasons why silver prices have fluctuated sharply recently.
According to Mr. Lewis's assessment, if the current trend continues, silver prices may gradually recover. However, the market still needs more time to confirm a clear trend.
In the long term, this expert believes that investors will focus on the question of whether interest rates will remain high or not. He believes that the current interest rate level is difficult to sustain, thereby opening up the possibility that silver prices will gradually increase over time. However, traders need to pay special attention to sudden increases in bond yields, because this factor is strongly correlated with silver price fluctuations.
In the opposite direction, if silver prices fall below the 70 USD/ounce threshold, this will be a negative signal, likely accompanied by a re-increase in interest rates. "At that time, the market may face a deeper correction. Currently, silver prices are trying to maintain in the range of 70 - 80 USD/ounce" - Christopher Lewis gave his opinion.
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