Domestic silver price
As of 9:45 a.m. on October 26, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at VND1.881 - 1.929 million/tael (buy - sell); down VND216,000/tael for buying and down VND219,000/tael for selling compared to the previous trading session.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.861 - 1.919 million VND/tael (buy - sell); down 124,000 VND/tael for buying and down 127,000 VND/tael for selling compared to the previous trading session.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 49,626 - 51,173 million VND/kg (buy - sell); down 3.307 million VND/kg for buying and down 3.386 million VND/kg for selling compared to the previous trading session.
World silver price
On the world market, as of 9:45 a.m. on October 26 (Vietnam time), the world silver price was listed at 48.38 USD/ounce; down 2.73 USD compared to the previous trading session.
Causes and predictions
Silver prices fell in the last session of the week, trading below 49 USD/ounce after failing to surpass the 49.46 USD/ounce mark. According to precious metals analyst James Hyerczyk at FX Empire, the market is still holding firm above the support zone of 47.53 USD/ounce.
"This development shows the cautious sentiment of investors before the interest rate decision-making meeting of the US Federal Reserve (FED) - which will affect the price of precious metals in the coming time" - he said.
The expert said that the price turning below 49.46 USD/ounce has stopped the increase of silver, while the mark of 47.53 USD/ounce continues to be an important support zone. According to him, the lack of breakthrough transactions shows that investors are "waiting" for new signals.
"If silver prices surpass 49.56 USD/ounce, the rally could be boosted and head towards the 51.01 USD/ounce area when selling orders are forced to close. Conversely, if it falls below 47.53 USD/ounce, prices could fall sharply to around 44.44 USD/ounce - an area that often attracts cheap buying to return to the market" - James Hyerczyk commented.
He added that silver's tug-of-war also reflects the sentiment in the gold market. Gold has failed to hold its upward momentum after falling to $4,192.86/ounce and falling below $4,100/ounce. "The rising US dollar and rising US bond yields continue to put pressure on the precious metal group in the short term," said James Hyerczyk.
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