Domestic silver price
As of 11:30 a.m. on April 21, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND 1.258 - 1.297 million/tael (buy - sell); an increase of VND 11,000/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.258 - 1.297 million VND/tael (buy - sell); an increase of 11,000 VND/tael for both buying and selling compared to early this morning.
The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at 33.546 - 34.586 million VND/kg (buy - sell); an increase of 293,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 11:45 a.m. on April 20 (Vietnam time), the world silver price listed on Goldprice.org was at 32.72 USD/ounce; up 0.32 USD compared to early this morning.
Causes and predictions
According to James Hyerczyk - market analyst at FX Empire, silver prices opened the week positively thanks to the cash flow to safe-haven assets. This rally was further reinforced by rising macro tensions, concerns about prolonged inflation and geopolitical instability and monetary policy.
Last week, when gold prices hit a historic peak, profit-taking activities took place strongly, dragging silver prices down. However, the main reason does not come from changes in macro factors, but mainly due to positioning balance and technical sales.
Silver still maintains its upward momentum thanks to factors such as central bank caution, geopolitical instability and the need for financial protection from investors" - James Hyerczyk assessed.
He also noted that silver is not on the list of taxable items, which shows silver's special position in the global market. With a dual role as both financial assets and industrial raw materials, not being taxed helps ensure supply and increase attractiveness in the context of disrupted global trade.
According to the expert, in the coming time, silver may continue to benefit from prolonged macro tensions. Defense demand remains high as the trade war escalates and political interventions in monetary policy continue to worry investors.
With rising inflation and reduced confidence in the US Federal Reserve (FED), silver has increasingly become an important defensive tool. Investors who focus on macroeconomic factors, rather than relying solely on short-term technical signals, may consider silver an attractive option, he said.
Economic data to watch this week:
Wednesday: Preliminary manufacturing and services PMI, new home sales in the US.
Thursday: Long-term goods orders, weekly jobless claims, US existing home sales.
See more news related to silver prices HERE...
