Domestic silver prices
As of 11:15 am on May 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.849 - 2.922 million VND/tael (buying - selling); down 32,000 VND/tael on the buying side and down 33,000 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 75,100 - 77,420 million VND/kg (buying - selling); down 850,000 VND/kg on the buying side and down 880,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.855 - 2.958 million VND/tael (buying - selling); down 30,000 VND/tael on the buying side and down 31,000 VND/tael on the selling side compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at 2,860 - 2,948 million VND/tael (buying - selling); down 30,000 VND/tael on the buying side and down 31,000 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 76.266 - 78.613 million VND/kg (buying - selling); down 800,000 VND/kg on the buying side and down 826,000 VND/tael on the selling side compared to yesterday morning.
World silver price
On the world market, as of 11:15 am on May 23 (Vietnam time), the world silver price was listed at 75.49 USD/ounce; down 0.69 USD compared to yesterday morning.
Causes and forecasts
The silver market in the last trading session of the week recorded a downward trend, although bond yields and interest rates have somewhat cooled down. This shows that investor sentiment is still quite cautious in the face of unpredictable fluctuations in the global financial market.
Mr. Christopher Lewis - precious metals expert at FX Empire - assessed that silver is still in a period of strong volatility and has not established a clear long-term trend. Although interest rates show signs of decreasing, the current interest rate level is still high, continuing to put significant pressure on this precious metal.
The silver market is currently in a period of accumulation and searching for new trends" - Mr. Lewis said. According to this expert, the long-term outlook for silver is still positively assessed thanks to industrial demand and supply factors, but short-term price fluctuations and high interest rates are making market sentiment more cautious.
Regarding price prospects, FX Empire experts believe that if silver recovers, the 80 USD/ounce mark will play an important resistance level. In case of surpassing this zone, the price may head towards the next target around 90 USD/ounce. Conversely, if the market continues to adjust, the 70 USD/ounce zone is likely to attract buying power from investors seeking low price opportunities.
In addition to technical factors, Mr. Lewis believes that the supply problem is still a major problem for the silver market in the long term. However, at the present time, the biggest pressure still comes from the bond market, especially the prolonged high interest rate level.
According to him, as long as yields remain at a high level, silver will continue to face difficulties and the market is likely to maintain a strong fluctuation state in the short term.
See more news related to silver prices HERE...
