Silver price fluctuations 10/22: Domestic silver decreased by 3 million VND/kg

Domestic silver price

As of 12:05 on October 22, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at 1.914 - 1.962 million VND/tael (buy - sell); down 102,000 VND/tael for buying and down 105,000 VND/tael for selling compared to yesterday morning.

At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.879 - 1.937 million VND/tael (buy - sell); down 110,000 VND/tael for buying and down 114,000 VND/tael for selling compared to yesterday morning.

The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 50.106 - 51.653 million VND/kg (buy - sell); down 2.933 million VND/kg for buying and down 3.040 million VND/kg for selling compared to yesterday morning.

World silver price

On the world market, as of 12:05 on October 22 (Vietnam time), the world silver price was listed at 48.94 USD/ounce; down 2.97 USD compared to yesterday morning.

Causes and predictions

The silver market continues to fluctuate strongly, as prices decreased by about 5% right at the opening of the New York session. Currently, silver is still the focus of attention, however, precious metals analyst Christopher Lewis commented that this excessive attention is often not a good sign in the long run.

The plummeting price of silver did not surprise Christopher Lewis, because according to him, after a period of too much increase, the market needs a correction to regain balance - something that is almost inevitable.

"Future contracts have now fallen below $50 an ounce, while spot prices are still slightly higher. However, I think we are getting closer to the end of this rally," said Christopher Lewis.

However, the expert said that if the price recovers to the threshold of 50 USD/ounce, short-term traders can see this as a short-term buying opportunity.

"However, when too many people sell at the same time, the market will become extremely volatile. The strong fluctuations and skyrocketing trading volumes show that the silver market is entering a period of fierce "fighting" - Christopher Lewis said.