Domestic silver price
As of 9:15 a.m. on October 2, the 999 Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) were listed at 1.829 - 1.869 million VND/tael (buy - sell); down 6,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.812 - 1.868 million VND/tael (buy - sell); down 10,000 VND/tael in both directions compared to yesterday morning (October 1).
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 48.319 - 49.813 million VND/kg (buy - sell); down 267,000 VND/kg for buying and down 266,000 VND/kg for selling compared to yesterday morning (October 1).
World silver price
On the world market, as of 9:15 a.m. on October 2 (Vietnam time), the world silver price was listed at 47.3 USD/ounce; down 0.13 USD compared to yesterday morning.
Causes and predictions
The silver market started yesterday morning's session with a good increase, approaching the threshold of 48 USD/ounce. However, this is an important barrier, causing prices to stagnate and fluctuate in this morning's trading session.
According to senior analyst Christopher Lewis, the general trend is still up, so short-term adjustments around the range of 45 - 46 USD/ounce can create a reasonable buying opportunity for investors.
The expert added that the USD's slight recovery after many sessions of decline also contributed to making it difficult for silver to surpass the threshold of 48 USD/ounce.
If the market can break through this mark, the next target will be $50/ounce - an important barrier. However, Christopher Lewis noted that the risk of silver is that when it drops, it often plummets very strongly, so caution is needed.
"In the current context, the fact that prices are moving sideways to "low the temperature" is not a bad thing. This could help the market consolidate before continuing to be led by fundamental factors, like what has happened in the past" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
