Domestic silver price
As of 9:35 a.m. on December 16, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at 2.385 - 2.442 million VND/tael (buy - sell); increased by 60,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 2.398 - 2.472 million VND/tael (buy - sell); an increase of 37,000 VND/tael for buying and an increase of 38,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 63.946 - 65.919 million VND/kg (buy - sell); an increase of 987,000 VND/kg for buying and an increase of 1.013 million VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:35 a.m. on December 16 (Vietnam time), the world silver price was listed at 63.61 USD/ounce; an increase of 1.06 USD compared to yesterday morning.
Causes and predictions
According to precious metals analyst James Hyerczyk at FX Empire, spot silver prices increased sharply in this morning's session, showing that the market is prioritizing an upward trend instead of worrying about a reversal signal appearing last weekend.
" prices are approaching the $64/ounce zone. If this milestone is surpassed, the upward trend will likely be affirmed again" - he commented.
James Hyerczyk added that silver prices are still well supported above the $60/ounce mark. Only when they fall below this threshold will selling pressure really increase.
"The main driver of the increase comes from industrial demand. Silver is being increasingly used in solar energy, electronics and electric vehicles. Higher actual demand while supply is not keeping up is making the market increasingly tighten, forcing investors to maintain their buying position" - James Hyerczyk emphasized.
The expert said that monetary factors are also supporting silver. According to him, a weakening USD, falling bond yields and remaining gold prices in high places continue to create a favorable environment for precious metals.
"The fact that silver is still considered "cheaper" than gold also makes investment cash flow look for this metal more" - James Hyerczyk said.
In the short term, he said, the market could fluctuate according to upcoming US economic data, especially employment and inflation data.
"However, as long as prices remain above the $60/ounce range, the upward trend of silver will still prevail and corrections could attract new buying momentum," James Hyerczyk emphasized.
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