Domestic silver prices
As of 9:35 am on May 17, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.824 - 2.896 million VND/tael (buying - selling); down 192,000 VND/tael on the buying side and down 194,000 VND/tael on the selling side compared to a week ago.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 74.426 - 76.726 million VND/kg (buying - selling); down 5.054 million VND/kg on the buying side and down 5.174 million VND/kg on the selling side compared to a week ago.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.829 - 2.916 million VND/tael (buying - selling); down 208,000 VND/tael on the buying side and down 215,000 VND/tael on the selling side compared to a week ago.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.829 - 2.916 million VND/tael (buying - selling); down 208,000 VND/tael on the buying side and down 215,000 VND/tael on the selling side compared to a week ago.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 75.439 - 77.759 million VND/kg (buying - selling); down 5.547 million VND/kg on the buying side and down 5.734 million VND/kg on the selling side compared to a week ago.
World silver price
On the world market, as of 9:35 am on May 17 (Vietnam time), the world silver price was listed at 75.93 USD/ounce; down 4.38 USD compared to a week ago.
Causes and forecasts
The silver market has just experienced a few rare sharp drops as the USD and US bond yields simultaneously surged, raising concerns that the US Federal Reserve (Fed) will continue to maintain a high interest rate policy for longer than expected.
Precious metals expert James Hyerczyk from FX Empire said that selling pressure increased as the USD index rose sharply, while US Treasury bond yields continued to escalate. 30-year term bond yields have exceeded 5.1%, while 10-year term yields reached 4.573%.
This development is causing cash flow to leave non-profit assets like silver to shift to US government bonds - where investors can enjoy attractive yields with low risks," he said.
Mr. James Hyerczyk said that the main reason comes from three consecutive US inflation reports in the past week, all of which were higher than forecast. Specifically, the consumer price index (CPI) increased by 3.8% in April compared to the same period last year. Next, the producer price index (PPI) increased by 6% compared to the same period last year, the strongest since the end of 2022. In addition, import prices also increased by 1.9%, mainly due to rising energy costs.
These data made the market almost erase expectations that the Fed would soon cut interest rates. Even some traders began to consider the possibility that the Fed might raise interest rates again.
This is the most negative environment for a non-profit asset like silver," said an expert from FX Empire.
Not only under pressure from monetary policy, silver is also affected by the upward trend of fuel prices. Rising energy prices raise concerns that inflation will continue to prolong, forcing the Fed to maintain a tough stance.
According to Mr. Hyerczyk, silver is currently under a "double shock" because it is both a precious metal and an industrial metal. When interest rates rise and economic growth prospects weaken at the same time, silver is often under stronger pressure than gold. While gold is still supported by safe-haven demand, silver does not have a similar advantage.
This expert believes that as long as fuel prices remain high and inflationary pressure has not cooled down, the downward trend of silver will still prevail in the market.
See more news related to silver prices HERE...
