Silver price fluctuations 11/22: All decreased sharply

Domestic silver price

As of 11:15 a.m. on November 22, the price of 999 Phuc Loc Gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at VND 1.908 - 1.959 million/tael (buy - sell); down VND 15,000/tael in both directions compared to yesterday morning.

At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.918 - 1.977 million VND/tael (buy - sell); down 15,000 VND/tael for buying and down 16,000 VND/tael for selling compared to yesterday morning.

The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 51,146 - 52,719 million VND/kg (buy - sell); down 400,000 VND/kg for buying and down 427,000 VND/kg for selling compared to yesterday morning.

World silver price

On the world market, as of 11:15 a.m. on November 22 (Vietnam time), the world silver price was listed at 49.81 USD/ounce; down 0.09 USD compared to yesterday morning.

Causes and predictions

Silver prices continued to fall and fell to a weekly low, around 49.50 USD/ounce. According to FxStreet, selling pressure is increasing as the majority of traders believe that the US Federal Reserve (FED) will keep interest rates unchanged at its December policy meeting.

According to CME's FedWatch tool, the possibility of the FED cutting interest rates by another 25 basis points to 3.50% - 3.75% is only about 35.5%. This means the market is leaning more towards the scenario of the FED keeping interest rates unchanged. If that happens, it is a negative signal for non-yielding assets like silver.

FxStreet financial analyst Sagar Dua added that expectations of a more dovish Fed stance are still very low, as officials have repeatedly warned of the risk of inflation rising again.

"In addition, the US unemployment rate increasing to 4.4% in the September Non-Farm Payrolls (NFP) report is not enough to increase expectations of the Fed to ease policy sooner. The market believes that the FED will only slow down the tightening pace when inflation shows signs of a more sustainable decline. This puts silver prices under further pressure," Sagar Dua said.