Domestic silver prices
As of 9:00 AM on April 22nd, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at 2.901 - 2.991 million VND/tael (buying - selling); down 63,000 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 2.914 - 3.004 million VND/tael (buying - selling); down 65,000 VND/tael on the buying side and down 67,000 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 77.706 - 80.106 million VND/kg (buying - selling); down 1.733 million VND/kg on the buying side and down 1.787 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on April 22 (Vietnam time), the world silver price was listed at 77.62 USD/ounce; down 1.67 USD compared to yesterday morning.
Causes and forecasts
According to precious metals analyst Christopher Lewis from FX Empire, silver prices are fluctuating strongly as investors are waiting for news from the Middle East situation. Currently, silver prices and interest rates are very closely linked.
He believes that the biggest factor affecting interest rates at this time is the developments of conflict in the Middle East, especially the possibility of long-term peace. If relations between the US and Iran progress positively, interest rates may fluctuate accordingly.
Christopher Lewis is also monitoring the yield of 10-year US bonds. "This yield increased slightly in the middle of the week, and that is one of the reasons why silver prices fell. The $80/ounce level is an important threshold, which could attract a lot of market attention" - Christopher Lewis said.
In addition, if bad news emerges from negotiations, silver could be one of the assets to be sold early, especially when interest rates in the US rise.
Sharing the same view, precious metals analyst James Hyerczyk also from FX Empire said that silver prices fell sharply due to the rising USD, while investors remain cautious in the face of geopolitical factors and policies from the central bank.
He explained that as the USD strengthens, silver becomes more expensive for international buyers, thereby reducing demand and curbing price increases.
According to James Hyerczyk, in the short term, silver prices may continue to decrease or move sideways. The reason is that US economic data is still good, interest rates are expected to remain stable and the USD is strong. Silver prices may only increase significantly when a new factor is strong enough to impact the market.
See more news related to silver prices HERE...
