Domestic silver prices
As of 10:00 AM on January 22, the price of 2025 Ancarat 999 (1kg) silver bar at Ancarat Jewelry Company was listed at 91.574 - 94.354 million VND/kg (buying - selling); down 1.94 million VND/kg on the buying side and down 2 million VND/kg on the selling side compared to yesterday morning.
The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Bank Gold, Silver and Gems One Member Limited Liability Company (Sacombank-SBJ) is listed at the threshold of 3.531 - 3.621 million VND/tael (buying - selling); down 36,000 VND/tael in both directions 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 3.470 - 3.577 million VND/tael (buying - selling); down 73,000 VND/tael on the buying side and down 76,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver bars (1kg) at Phu Quy Jewelry Group is listed at the threshold of 92.533 - 95.386 million VND/kg (buying - selling); down 1.946 million VND/kg on the buying side and down 2.027 million VND/kg on the selling side compared to yesterday morning.
World silver prices
On the world market, as of 10:05 am on January 22 (Vietnam time), the world silver price was listed at 91.92 USD/ounce; down 1.94 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices fell in the mid-week trading session, after jumping to a high in Wednesday's session of 95.56 USD. According to market analyst Christian Borjon Valencia at FXStreet, the correction momentum appeared after US President Donald Trump delivered a speech in Davos (where the World Economic Forum WEF took place) with a softer tone, saying he was ready to negotiate with Denmark on the Greenland issue.
However, Christian Borjon Valencia believes that the risk of a deep drop in silver is still not really clear. "To confirm the downward trend, silver prices need to break through the 90 USD/ounce mark, before they can fall to the nearest bottom of 86.45 USD/ounce recorded on January 15," he said.
According to Christian Borjon Valencia, if this scenario occurs, silver prices could continue to fall to around 80.63 USD/ounce.
In the opposite direction, to resume the upward momentum, buying power needs to be strong enough to push the price above the record peak of 95.89 USD/ounce, thereby opening up the possibility of moving towards the psychological threshold of 100 USD/ounce" - Christian Borjon Valencia commented.
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