Domestic silver prices
As of 1:20 PM on February 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 3.248 - 3.328 million VND/tael (buying - selling); an increase of 99,000 VND/tael on the buying side and an increase of 102,000 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 85.646 - 88.246 million VND/kg (buying - selling); an increase of 2.64 million VND/kg on the buying side and an increase of 2.72 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 Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at 3,582 - 3,684 million VND/tael (buying - selling); an increase of 252,000 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 3.246 - 3.346 million VND/tael (buying - selling); an increase of 92,000 VND/tael on the buying side and an increase of 94,000 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 86.559 - 89.226 million VND/kg (buying - selling); an increase of 2.453 million VND/kg on the buying side and an increase of 2.507 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 1:10 PM on February 23 (Vietnam time), the world silver price was listed at 86.96 USD/ounce; an increase of 2.41 USD compared to yesterday morning.
Causes and forecasts
The first session of the week recorded a strong increase in silver prices, with the main driving force coming from macroeconomic variables and geopolitical developments.
According to precious metals analyst James Hyerczyk of FX Empire, rising tensions between the US and Iran raise concerns about the risk of conflict, thereby triggering a need for safe haven.
However, the expert believes that the factor that may limit the increase in silver is the decline in the US Federal Reserve (Fed)'s interest rate cut expectation.
Recent economic data shows weak GDP growth and persistent inflation, while the labor market remains more positive than forecast. This combination makes the possibility of the Fed cutting interest rates by 25 basis points in June fall below 50%" - James Hyerczyk said.
He added that legal disputes related to tax policy in the US are likely to prolong, gradually reducing the immediate impact on the price of precious metals. In that context, the monetary policy of the Fed is still considered a key factor determining the medium-term trend of the silver market.
In the short term, price movements around the 86.32 USD/ounce range will play an important measure of the next outlook for this precious metal" - James Hyerczyk said.
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