Domestic silver prices
As of 10:00 AM on January 24, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Bank Gold, Silver and Gems One Member Limited Liability Company (Sacombank-SBJ) was listed at the threshold of 3,741 - 3,837 million VND/tael (buying - selling); an increase of 6,000 VND/tael in both buying and selling 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 3,882 - 4,002 million VND/tael (buying - selling); an increase of 170,000 VND/tael on the buying side and an increase of 175,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver bars (1kg) at Phu Quy Jewelry Group is listed at the threshold of 103.519 - 106.719 million VND/kg (buying - selling); an increase of 4.533 million VND/kg on the buying side and an increase of 4.666 million VND/kg on the selling side compared to yesterday morning.
World silver prices
On the world market, as of 10:05 am on January 24 (Vietnam time), the world silver price was listed at 103.07 USD/ounce; up 4.15 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to increase sharply, breaking the 100 USD/ounce peak in the last trading session of the week.
According to Bloomberg, tough statements related to trade between the US and some European countries are raising concerns about the possibility of increasing volatility in the financial market.
The risk of reciprocal tax retaliation measures is said to be able to worsen investor sentiment, in the context that the market has just been supported by relatively stable business results and large capital flows into the field of artificial intelligence (AI).
Developments in the bond market also contribute to increasing pressure on risky assets such as silver.
In addition, according to financial analyst Arslan Ali at FX Empire, silver prices are also strengthened by increasingly clear expectations that the US Federal Reserve (Fed) may cut interest rates this year, amid cooling inflationary pressure in the US.
The cooling inflation signal is creating favorable conditions for gold and silver to maintain their upward momentum, while putting downward pressure on the USD, as the market increasingly believes in the possibility that the Fed will soon ease monetary policy" - expert Arslan Ali emphasized.
See more news related to silver prices HERE...
