Silver price fluctuation 18:4: Rising in the last session of the week

Domestic silver prices

As of 9:10 am on April 18, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at 2.982 - 3.072 million VND/tael (buying - selling); an increase of 39,000 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 the threshold of 3.034 - 3.128 million VND/tael (buying - selling); an increase of 67,000 VND/tael on the buying side and an increase of 69,000 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 80.906 - 83.413 million VND/kg (buying - selling); an increase of 1.787 million VND/kg on the buying side and an increase of 1.84 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:10 am on April 18 (Vietnam time), the world silver price was listed at 80.83 USD/ounce; an increase of 1.8 USD compared to yesterday morning.

Causes and forecasts

The silver market recorded a strong increase as investor sentiment improved thanks to positive signals from the Middle East, showing that regional tensions are showing signs of cooling down. At the same time, the downward trend of interest rates in the US continues to play an important supporting role, creating more momentum for silver prices.

According to precious metals analyst Christopher Lewis from FX Empire, this week, especially in the last session of the week, silver prices have increased sharply after information about the resumption of ship traffic through the strategic maritime route in the Middle East during the ceasefire.

This is seen as an important de-escalation signal in the Middle East, increasing expectations for a more sustainable peace in the region. As geopolitical risks subside, investors' attention is returning to the supply-demand factor, in which the silver shortage situation continues to be a noteworthy highlight," he said.

Thanks to supporting factors, silver prices have strongly broken through and exceeded the 80 USD/ounce mark. The expert believes that the market may head towards the 90 USD/ounce zone in the near future, although the possibility of reaching this level in the short term is not high. Downward adjustments are seen as buying opportunities in the context that the market is still heavily affected by interest rate fluctuations.

Christopher Lewis added that in the US, the downward trend of interest rates is acting as a catalyst for the upward momentum of silver. This metal is inherently sensitive to a high interest rate environment, so the decrease in bond yields is positively supporting prices. "The market is specifically monitoring the 4.30% threshold of 10-year US government bond yields; if it exceeds this level, this could be a disadvantageous signal for silver," he said.

At the present time, Christopher Lewis believes that if silver prices adjust to around the 80 USD/ounce mark, the buying force will increase significantly. "The general trend is still leaning towards positive, while short selling sentiment is gradually weakening" - Christopher Lewis gave his opinion.