Domestic silver price
As of 11:15 a.m. on December 17, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Petrochemical Company was listed at VND2.472 - 2.533 million/tael (buy - sell); an increase of VND94,000/tael for buying and VND85,000/tael for selling compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) at Ancarat Petrochemical Company was listed at 65.066 - 67.046 million VND/kg (buy - sell); an increase of 2.72 million VND/kg for buying and an increase of 2.8 million VND/kg for selling compared to yesterday morning.
The price of 999 gold bars of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at 2.469 - 2.526 million VND/tael (buy - sell); an increase of 84,000 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 2.475 - 2.552 million VND/tael (buy - sell); an increase of 77,000 VND/tael for buying and an increase of 80,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 65.999 - 68.053 million VND/kg (buy - sell); an increase of 2.053 million VND/kg for buying and an increase of 2.134 million VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 11:40 a.m. on December 17 (Vietnam time), the world silver price was listed at 63.61 USD/ounce; an increase of 2.04 USD compared to yesterday morning.
Causes and predictions
According to precious metals analyst Christopher Lewis at FX Empire, silver prices are still supported in the long term. He said that silver supply is said to be in shortage, a factor that could create a force to support prices in the coming time.
"However, this is not a new story, as this issue has been discussed for many years. The market may be gradually reflecting more clearly the current supply-demand factor in silver prices" - Christopher Lewis emphasized.
Sharing the same view, Michele Schneider - Chief Market Strategist at Market Gauge - said that silver is increasingly playing a key role as an industrial metal, especially in the context of the strong electrification and technology transformation process globally.
According to her, not only attractive in terms of supply and demand, silver is still valued lower than gold, despite the sharp increase in prices in recent times.
"When comparing silver prices to most other assets, it is still quite cheap. If the gold- silver ratio continues to decrease, it means that silver prices will increase even more. With the current supporting factors, I predict that silver prices could reach $75/ounce by 2026," said Ms. Schneider.
See more news related to silver prices HERE...
