Domestic silver prices
As of 9:15 am on May 21, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.885 - 2.959 million VND/tael (buying - selling); an increase of 103,000 VND/tael on the buying side and an increase of 106,000 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 76.056 - 78.406 million VND/kg (buying - selling); an increase of 2.76 million VND/kg on the buying side and an increase of 2.826 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 2.873 - 2.997 million VND/tael (buying - selling); an increase of 16,000 VND/tael on the buying side and an increase of 36,000 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 2.888 - 2.977 million VND/tael (buying - selling); an increase of 16,000 VND/tael on the buying side and an increase of 16,000 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 77.013 - 79.386 million VND/kg (buying - selling); an increase of 2.827 million VND/kg on the buying side and an increase of 2.907 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on May 21 (Vietnam time), the world silver price was listed at 76.35 USD/ounce; an increase of 2.29 USD compared to yesterday morning.
Causes and forecasts
The silver market recorded a strong increase in the context of interest rates showing signs of cooling down. This development partly supports silver price recovery in the short term, although the general trend is still assessed as quite slow and cautious.
According to Mr. Christopher Lewis - precious metals expert of FX Empire, investors need to pay special attention to the important resistance level of the current market. He said that the 80 USD/ounce mark is also considered a noteworthy "psychological barrier". If silver prices successfully cross this zone, the possibility of advancing to the 90 USD/ounce mark will be opened.
However, FX Empire experts believe that the market is still heavily affected by geopolitical instability in the Middle East. According to him, only when regional tensions cool down and interest rates begin to decrease significantly can the market focus back on basic supply and demand factors.
Currently, the demand for silver in the market is still very large while the supply is not fully met" - Mr. Lewis emphasized and said that this is considered a factor that can support silver prices in the long term.
However, the high interest rate environment is still putting significant pressure on this precious metal. Silver is a non-profit asset, so when interest rates rise, cash flow tends to shift to assets that offer more attractive yields.
In the opposite direction, Mr. Lewis warned that if silver prices fall below the 70 USD/ounce mark, the market may face strong selling pressure. When this support level is broken, silver is at risk of facing a larger sell-off wave due to the volatility of this commodity.
Overall, FX Empire experts assess that the silver market in the coming time is likely to still fluctuate slowly and cautiously, with short-term fluctuations being the most noteworthy opportunity for investors.
See more news related to silver prices HERE...
