Silver price fluctuations 10/28: The decline has not stopped

Domestic silver price

As of 10:20 a.m. on October 28, 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 1.818 - 1.845 million VND/tael (buy - sell); down 51,000 VND/tael for buying and down 72,000 VND/tael for selling compared to yesterday morning.

At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.790 - 1.845 million VND/tael (buy - sell); down 59,000 VND/tael for buying and down 61,000 VND/tael for selling compared to yesterday morning.

The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 47.733 - 49.199 million VND/kg (buy - sell); down 1.573 million VND/kg for buying and down 1.627 million VND/kg for selling compared to yesterday morning.

World silver price

On the world market, as of 10:20 a.m. on October 28 (Vietnam time), the world silver price was listed at 46.67 USD/ounce; down 1.55 USD compared to yesterday morning.

Causes and predictions

The silver market opened at the beginning of the week with a downward trend in the context of investors cautiously observing price movements. According to precious metals analyst Christopher Lewis at FX Empire, $47/ounce is currently playing an important support zone, while the area around $46.5/ounce also creates additional support for prices.

However, Christopher Lewis also noted that recent developments show that silver shows signs of forming a short-term peak.

"If prices break through the $47/ounce mark, the correction trend could continue and force the market to seek a new balance zone. Conversely, if it rebounded, the $50/ounce mark would become an important psychological target, where many traders expect to take profits," he said.

However, Christopher Lewis believes that the silver market is often volatile and unstable, especially prone to deep corrections after periods of retail investors rushing to buy.

"The market is still in a period of strong fluctuations, so investors need to keep the trading ratio at a reasonable level and manage risks carefully to avoid the risk of losses when prices fluctuate unexpectedly" - Christopher Lewis expressed his opinion.