Domestic silver prices
As of 3:30 PM on July 19th, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.114 - 2.168 million VND/tael (buying - selling); down 140,000 VND/tael on the buying side and down 144,000 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 55.594 - 57.314 million VND/kg (buying - selling); down 3.73 million VND/kg on the buying side and down 3.84 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 2.120 - 2.191 million VND/tael (buying - selling); down 135,000 VND/tael on the buying side and down 139,000 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 2.125 - 2.191 million VND/tael (buying - selling); down 139,000 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 56.666 - 58.426 million VND/kg (buying - selling); down 3.6 million VND/kg on the buying side and down 3.707 million VND/kg on the selling side compared to a week ago.
World silver price
On the world market, as of 3:30 PM on July 19 (Vietnam time), the world silver price was listed at 55.82 USD/ounce; down 3.94 USD/ounce compared to a week ago.
Causes and forecasts
Silver has just experienced its strongest weekly decline since the end of June and has fallen more than 20% compared to the beginning of the year. Pressure on this precious metal comes from the increase in crude oil prices, the strengthening of the USD and expectations that the US Federal Reserve (Fed) may continue to maintain high interest rates, even considering raising interest rates in the September meeting.
Tense developments in the Middle East also contribute to pushing energy prices up sharply. Energy prices anchored at high levels make inflation prospects more complicated, thereby reducing expectations that the Fed will soon ease monetary policy.
In addition, the USD continues to be supported as investors turn to safe assets in the face of geopolitical developments. A strong USD along with high interest rate prospects and oil prices maintained in high levels are putting significant pressure on the silver market.
Precious metals analyst James Hyerczyk said that despite escalating geopolitical tensions, gold still recorded its strongest weekly decline since the beginning of June. This shows that safe-haven factors are no longer strong enough to support the precious metals group, while transactions are currently mainly dominated by interest rate expectations.
Regarding short-term prospects, the expert said that the silver adjustment has not ended.
However, he noted that silver demand in sectors such as solar panels, electronics, electric vehicles and data centers is still a positive supporting factor in the long term. However, in the short term, industrial demand is not enough to compensate for selling pressure due to investors cutting off leverage positions.
The expert emphasized that the market needs to have more buying power in the coming sessions to confirm the possibility of forming a recovery phase lasting about 2-3 days.
Mr. Hyerczyk said that silver prices are still in the important support zone. If they exceed the 63.28 USD/ounce mark, the short-term trend may turn positive and pave the way for prices to advance to the 68.03 USD/ounce and 70.43 USD/ounce levels. However, this is only a potential scenario and needs to be confirmed by strong enough buying power.
For next week, experts believe that three factors to monitor are energy prices, the diễn biến of the USD and expectations about the Fed's interest rate policy.
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