Domestic silver prices
As of 10:20 am on April 17, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.962 - 3.035 million VND/tael (buying - selling); down 33,000 VND/tael on the buying side and down 34,000 VND/tael on the selling side compared to yesterday morning.
The price of 2025 Ancarat 999 (1kg) silver ingots at Ancarat Gem Company is listed at 78.064 - 80.434 million VND/kg (buying - selling); down 876,000 VND/kg on the buying side and down 906,000 VND/kg on the selling side compared to yesterday morning.
The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at the threshold of 2.943 - 3.033 million VND/tael (buying - selling); down 57,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at 2.967 - 3.059 million VND/tael (buying - selling); down 39,000 VND/tael on the buying side and down 40,000 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 79.119 - 81.573 million VND/kg (buying - selling); down 1.04 million VND/kg on the buying side and down 1.066 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:05 am on April 17 (Vietnam time), the world silver price was listed at 79.03 USD/ounce; down 1.12 USD compared to yesterday morning.
Causes and forecasts
The silver market in Friday's trading session continued to fluctuate around the important resistance level of 80 USD/ounce. According to precious metals analyst Christopher Lewis from FX Empire, this is considered an area with significant selling pressure, but considering the long-term trend, this price level is still considered reasonable.
Christopher Lewis said that at noteworthy technical levels, the 70 USD/ounce zone currently plays a supporting role, while 90 USD/ounce is the resistance level above.
The expert added that global interest rate developments continue to be a major factor affecting silver prices. In the context of high interest rates, the precious metals market is often under downward pressure.
However, in recent times, bond yields have shown signs of cooling down in the context of tensions in the Middle East somewhat easing, thereby supporting silver prices. However, with the current market developments leaning towards a downward trend, this supportive impact has weakened and is not enough to reverse the trend" - he said.
Regarding short-term prospects, Christopher Lewis believes that the possibility of downward corrections is relatively high. However, this may be an opportunity for investors to consider increasing buy positions, instead of short selling the market.
In the medium term, silver prices are forecast to fluctuate in the range of 70 to 90 USD/ounce, with diễn biến that may be quite volatile. Therefore, the most important factor that investors need to control is the scale of positions, avoiding over-allocation of capital" - Christopher Lewis gave his opinion.
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