Domestic silver prices
As of 10:00 AM on April 2nd, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at the threshold of 2.715 - 2.81 million VND/tael (buying - selling); down 99,000 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 2.710 - 2.794 million VND/tael (buying - selling); down 86,000 VND/tael on the buying side and down 88,000 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 72.266 - 74.506 million VND/kg (buying - selling); down 2.293 million VND/kg on the buying side and down 2.347 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:00 AM on April 2nd (Vietnam time), the world silver price was listed at 72.06 USD/ounce; down 1.93 USD compared to yesterday morning.
Causes and forecasts
The silver market recorded strong fluctuations and a lack of clear trends in Thursday's morning session, as investors continued to closely monitor macroeconomic factors such as interest rates, risk-taking sentiment and fluctuations of the USD.
According to precious metals analyst Christopher Lewis of FX Empire, short-term downward corrections are likely to continue to appear, thereby opening up opportunities to buy around the price range of 70 USD/ounce.
This is considered an important psychological threshold for the market. Not just a round number, the 70 USD/ounce mark also attracts great attention from investors," he said.
In the opposite direction, Christopher Lewis said that if the price recovers, the 78.15 USD/ounce level is considered a near target. Further, the 80 USD/ounce threshold continues to be an important milestone.
However, this is also a price range that may experience strong fluctuations and act as a short-term ceiling for the market. Overcoming this level will be seen as a positive signal, especially if accompanied by a clear weakening of the USD and an improvement in risk sentiment in the financial market" - Christopher Lewis said.
Currently, the silver market seems to be reflecting expectations that geopolitical tensions may cool down or end, thereby supporting precious metal prices.
In that context, silver is likely to continue to fluctuate within its familiar boundary, with a threshold of 70 USD/ounce below and about 90 USD/ounce above," said Christopher Lewis.
However, Christopher Lewis emphasized that in a negative scenario, if the price breaks through the 70 USD mark, the market may quickly retreat to the 60 USD/ounce test zone.
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