Domestic silver prices
As of 9:35 am on July 21, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.174 - 2.230 million VND/tael (buying - selling); an increase of 27,000 VND/tael on the buying side and an increase of 28,000 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 57,196 - 58,966 million VND/kg (buying - selling); an increase of 726,000 VND/kg on the buying side and an increase of 746,000 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 2.186 - 2.259 million VND/tael (buying - selling); an increase of 31,000 VND/tael on the buying side and an increase of 32,000 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 2.186 - 2.254 million VND/tael (buying - selling); an increase of 26,000 VND/tael on the buying side and an increase of 27,000 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 58.293 - 60.106 million VND/kg (buying - selling); an increase of 694,000 VND/kg on the buying side and an increase of 720,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 am on July 21 (Vietnam time), the world silver price was listed at 57.72 USD/ounce; an increase of 0.85 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices reversed to increase slightly in the context that the precious metal market is still affected by expectations that the US Federal Reserve (Fed) will maintain high interest rates, the USD will strengthen and tensions in the Middle East. Despite recovering in the most recent session, silver's upward momentum still faces many obstacles.
According to precious metals analyst Christopher Lewis, these factors continue to make the short-term outlook for silver prices not really positive, although the precious metal has recorded a recovery after a period of sharp decline.
However, the expert believes that the factor that puts greater pressure on silver prices today is not technical signals, but the strengthening USD and the interest rate level maintained at a high level.
In addition, geopolitical tensions in the Middle East continue to affect the developments of the silver market. However, Christopher Lewis believes that, in the long term, the prospects of this precious metal are still supported by global supply shortages and increasing demand from sectors such as electrification, clean energy and industry.
From a technical perspective, he assesses the 50 USD/ounce mark as an important support zone, which has played a role many times in history. According to experts, the market may continue to retest this price zone if selling pressure still persists.
Christopher Lewis also noted that every time silver prices recover, selling pressure often quickly reappears, showing that the downward trend in the short term still prevails. However, he believes that the long-term outlook for silver is still more positive than the strong fluctuations taking place in the market today.
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