Domestic silver price
As of 9:20 a.m. on October 29, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at 1.817 - 1.859 million VND/tael (buy - sell).
The price of 999 Ancarat 999 (1kg) at Ancarat Petrochemical Company was listed at 47.744 - 49.124 million VND/kg (buy - sell); an increase of 594,000 VND/kg for buying and an increase of 614,000 VND/kg for selling compared to yesterday morning.
The price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Company Limited (Sacombank-SBJ) was listed at 1.818 - 1.866 million VND/tael (buy - sell); unchanged in the buying direction and increased by 21,000 VND/tael in the selling direction compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.814 - 1.870 million VND/tael (buy - sell); an increase of 24,000 VND/tael for buying and an increase of 25,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 48.373 - 49.866 million VND/kg (buy - sell); an increase of 640,000 VND/kg for buying and an increase of 667,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on October 29 (Vietnam time), the world silver price was listed at 47.28 USD/ounce; up 0.61 USD compared to yesterday morning.
Causes and predictions
The silver market began to recover in the morning session, but was still quite quiet, because previous overbought purchases still affected the market. According to precious metals analyst Christopher Lewis at FX Empire, silver prices may fluctuate but investors will carefully consider price increases.
Christopher Lewis said that currently, the $47/ounce threshold is considered an important area, helping traders monitor whether silver prices will be supported or continue to decrease.
If silver prices continue to recover, the expert said, the possibility of increasing to $49/ounce is entirely possible. If it breaks above $49/ounce, prices could reach $52/ounce.
"On the contrary, if prices fall, the market could see a sharp decline, with levels of $42/ounce and even $40/ounce," he said.
The expert noted that silver is starting to attract a lot of capital, causing the current price to increase. He also emphasized that when investors start rushing to buy precious metals, it is often a sign that the market has reached its peak. "Therefore, the current price increases are likely to face great resistance" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
