Domestic silver prices
As of 9:05 am on July 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2,223 - 2,280 million VND/tael (buying - selling); down 20,000 VND/tael on the buying side and down 21,000 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 58,490 - 60,300 million VND/kg (buying - selling); down 540,000 VND/kg on the buying side and down 560,000 VND/kg 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 2.234 - 2.308 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 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 the threshold of 2.237 - 2.306 million VND/tael (buying - selling); down 15,000 VND/tael on the buying side and down 16,000 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 59.599 - 61.439 million VND/kg (buying - selling); down 454,000 VND/kg on the buying side and down 480,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on July 23 (Vietnam time), the world silver price was listed at 59.52 USD/ounce; down 0.27 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices continue to fluctuate around the 60 USD/ounce mark in the context that the market still faces a lot of pressure. Despite recording a slight increase in the most recent session, this precious metal has not yet been able to break through the important resistance level.
Precious metals analyst Christopher Lewis said that the 60 USD/ounce mark is an important psychological threshold and is creating a significant resistance for silver prices. According to him, the market is still under quite strong selling pressure, making recovery difficult.
According to the expert, although silver prices are making efforts to recover in the context of high interest rates in the US, the market still does not have enough momentum to reverse the trend. Expectations of high interest rates continue to be a factor putting pressure on precious metals, including silver.
Christopher Lewis believes that the market is currently entering a sensitive phase as buying and selling pressures are struggling. If selling pressure continues to increase, silver prices may still face new corrections. Conversely, the possibility of recovery is still there, but more positive signals are needed to strengthen investor confidence.
He believes that the silver market is facing an important moment and investors should be cautious, waiting for further confirmation signals before expecting a sustainable upward trend.
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