Domestic silver prices
As of 9:20 am on April 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.883 - 2.954 million VND/tael (buying - selling); down 29,000 VND/tael on the buying side and down 30,000 VND/tael on the selling side compared to yesterday morning.
The price of 2025 Ancarat 999 (1kg) silver ingots at Ancarat Gem Company is listed at 75.964 - 78.274 million VND/kg (buying - selling); down 672,000 VND/kg on the buying side and down 692,000 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 the threshold of 2.886 - 2.976 million VND/tael (buying - selling); down 15,000 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 2.883 - 2.972 million VND/tael (buying - selling); down 31,000 VND/tael on the buying side and down 32,000 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 76.879 - 79.253 million VND/kg (buying - selling); down 827,000 VND/kg on the buying side and down 853,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:25 am on April 23 (Vietnam time), the world silver price was listed at 76.97 USD/ounce; down 0.65 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices continued to weaken in this morning's trading session. The main reason came from the strong rise of the USD, overshadowing the positive impact from the information of extending the ceasefire agreement.
Precious metals analyst James Hyerczyk also from FX Empire said that recently, silver prices have had a slight increase lasting for a month, starting from the 61 USD/ounce zone. However, the upward momentum is currently showing signs of slowing down.
However, this is not yet a signal that the upward trend has ended, but it is likely just a technical correction. Market developments show that investors are not ready to chase buying at high prices" - he said.
According to James Hyerczyk, the diễn biến of the recent trading session shows that macroeconomic factors are clearly affecting silver prices. The upward momentum of this metal could not be maintained when the USD suddenly increased sharply.
He explained that when the USD appreciates, silver becomes more expensive for international investors, causing demand to decline. This is a fairly familiar phenomenon in the market: every time the USD rises, silver prices often stagnate - and this has repeated in the recent session.
In the context of still large fluctuations, the reasonable strategy is still to maintain the buying view in correction phases, while clearly defining the level of loss cut to control risks" - James Hyerczyk gave his opinion.
See more news related to silver prices HERE...
