Domestic silver prices
As of 9:30 am on July 17, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.075 - 2.128 million VND/tael (buying - selling); down 77,000 VND/tael on the buying side and down 79,000 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 54.556 - 56.246 million VND/kg (buying - selling); down 2.048 million VND/kg on the buying side and down 2.108 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 the threshold of 2.078 - 2.147 million VND/tael (buying - selling); down 72,000 VND/tael on the buying side and down 75,000 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 the threshold of 2.081 - 2.145 million VND/tael (buying - selling); down 74,000 VND/tael on the buying side and down 77,000 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 55.493 - 57.199 million VND/kg (buying - selling); down 1.973 million VND/kg on the buying side and down 2.054 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on July 17 (Vietnam time), the world silver price was listed at 54.89 USD/ounce; down 2.13 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices continue to face adjustment pressure as the precious metal market is intertwinedly affected by many macroeconomic factors. In the short term, US government bond yields remain high, the fluctuating USD and cautious sentiment of investors are hindering the recovery of silver.
However, the market also received some positive signals. Newly released inflation data in the US shows that price pressure shows signs of cooling down, increasing expectations that the US Federal Reserve (Fed) may soon ease monetary policy or reduce pressure to maintain high interest rates. This is a supporting factor for precious metals, including silver.
However, according to precious metals analyst Christopher Lewis, the interest rate level in the US is still high and continues to put pressure on silver prices. Experts believe that silver is a metal sensitive to fluctuations in interest rates and the USD, so silver prices may still face many fluctuations in the near future.
Silver is a fairly sensitive asset to interest rate fluctuations and the strength of the USD, so maintaining high interest rates continues to disadvantage this precious metal," he said.
Experts predict that silver prices are tending to test new bottoms and are likely to continue to fluctuate strongly in the near future. If selling pressure increases, the current decline may just be a continuation of the weakening trend that has lasted for many months.
In the opposite direction, if the price recovers, the 60 USD/ounce mark is considered an important resistance level and may attract strong buying and selling pressure due to its psychological significance for the market.
Regarding technical signals, Christopher Lewis said that the indicators are sending not very positive signals. This is a signal that technical analysts often see as a sign that the downward trend may continue, while increasing cautious sentiment and selling pressure in the market.
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