Domestic silver prices
As of 9:45 am on April 24, 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 2.841-1.931 million VND/tael (buying - selling); down 45,000 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 2.825 - 2.912 million VND/tael (buying - selling); down 58,000 VND/tael on the buying side and down 60,000 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 75.333 - 77.653 million VND/kg (buying - selling); down 1.546 million VND/kg on the buying side and down 1.6 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:05 am on April 24 (Vietnam time), the world silver price was listed at 75.06 USD/ounce; down 1.91 USD compared to yesterday morning.
Causes and forecasts
According to precious metals analyst James Hyerczyk of FX Empire, the silver market is under significant pressure as the USD strengthens and bond yields increase, while inflation risks due to rising oil prices continue to overshadow the metal's outlook.
In Thursday's trading session, spot silver prices fell sharply to $76.03/ounce, losing $1.69, or 2.18%. This development reflects the general trend of precious metals, which are being similarly affected by the gold market.
One of the main factors putting pressure is the rise of the USD, making silver - a non-performing asset - less attractive. At the same time, the 10-year US Treasury bond yield rising to a week's high has attracted cash flow to profitable assets, further weakening demand for silver," James Hyerczyk said.
Technically, James Hyerczyk said that the market shows that selling pressure is dominant as silver prices cannot overcome the 78.61 USD/ounce threshold. This shows that investors are cautious, waiting for a more attractive price before returning to the market.
Besides, rising fuel prices are increasing concerns about inflation. When inflation remains high, the possibility of the US Federal Reserve (Fed) extending high interest rate policy becomes clearer. This continues to strengthen the USD and keep yields high - factors that are detrimental to silver" - James Hyerczyk said.
However, the expert believes that the current decrease may just be a correction in the long-term uptrend. The 61.68 USD/ounce threshold still plays an important supporting role, showing that the buying strategy when prices fall is still valid.
In the short term, the silver market outlook may improve if expectations for Fed policy change or bond yields begin to cool down. At that time, buying power may return to the price range from 72.03 to 69.43 USD/ounce. However, until these signals appear, the main trend for silver is still downward" - James Hyerczyk gave his opinion.
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