Gold price fluctuations 24.3: Rising but with potential risks

Domestic silver price

As of 2:10 p.m. on April 23, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.259 - 1.298 million VND/tael (buy - sell); an increase of 3,000 VND/tael for both buying and selling compared to early this morning.

At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.259 - 1.298 million VND/tael (buy - sell); an increase of 3,000 VND/tael for both buying and selling compared to early this morning.

The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at 33.573 - 34.613 million VND/kg (buy - sell); an increase of 80,000 VND/kg in both buying and selling directions compared to early this morning.

World silver price

On the world market, as of 2:15 p.m. on April 23 (Vietnam time), the world silver price listed on Goldprice.org was at 32.76 USD/ounce.

Causes and predictions

Neils Christensen - an analyst at Kitco News - said that the attraction of gold as a safe-haven asset still dominates the market, leaving silver behind.

After maintaining support around $3,000/ounce at the beginning of the month, gold prices have had a strong increase. Gold prices have risen nearly 32% since the beginning of the year. Silver has struggled to hold prices above $33 an ounce in recent days.

"While gold is attracting attention with its strong growth, silver is also attracting some attention because it cannot keep up with similar bullish sentiment.

The gold- silver ratio is currently at a record high in the past three years at 105.77 points. The historical average of this rate is about 60 points," he said.

According to Neils Christensen, silver cannot even benefit from a weak US dollar; the USD index is currently trading at 98.46 points, near its lowest level in many years.

"Investors have turned to gold because it has become the only safe asset they can trust. The rising global trade tensions under President Donald Trump have reduced the USD's reputation as a global reserve currency.

At the same time, concerns about economic recession, as trade wars increase inflation and slow down economic development, have reduced the attractiveness of silver in the industry" - Neils Christense emphasized.