Domestic silver price
As of 11:35 a.m. on November 29, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Mineral and Environmental Company was listed at VND 2.121 - VND 2.171 million/tael (buy - sell); an increase of VND 84,000/tael for buying and an increase of VND 92,000/tael for selling compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) at Ancarat Petrochemical Company was listed at 55.704 - 57.394 million VND/kg (buy - sell); an increase of 2.354 million VND/kg for buying and an increase of 2.454 million VND/kg for selling compared to yesterday morning.
The price of 999 gold bars of the Golden Rooster Bank of Saigon - SBJ (Sacombank - SBJ) is listed at VND2.004 - 2.055 million/tael (buy - sell).
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 2.132 - 2.198 million/tael (buy - sell); an increase of VND 85,000/tael for buying and VND 88,000/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 56.853 - 58.613 million VND/kg (buy - sell); an increase of 2.267 million VND/kg for buying and an increase of 2.377 million VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 11:35 a.m. on November 29 (Vietnam time), the world silver price was listed at 56.41 USD/ounce; an increase of 2.47 USD compared to yesterday morning.
Causes and predictions
Silver prices continued to increase strongly in the weekend trading session and once again set a new peak. According to precious metals analyst Christopher Lewis at FX Empire, the market is currently fluctuating unpredictably, leaving investors with almost no way to closely monitor price movements every day.
Christopher Lewis said that although prices have continuously hit new peaks, trading volume has decreased. The general trend is still leaning towards increasing, but the weakening of volume makes the increase unstable.
He commented: "Gold prices are also rising, which partly supports silver. However, at this time, many investors still feel safer with gold because gold's buying power is more stable."
According to Christopher Lewis, the current strong fluctuations in silver mainly come from the difference between spot prices and contract prices at the futures exchange, along with problems related to metal storage at the London Stock Exchange. The market is witnessing a form of "fake selling pressure", which is not a rare phenomenon but often leads to very quick reversals.
"If you are participating in the silver market at this time, investors need to be extremely cautious. Prices may fall sharply unexpectedly, and that has happened many times during periods of high volatility. Therefore, protecting accounts, managing positions and keeping the transaction scale at a reasonable level is extremely necessary" - Christopher Lewis recommended.
See more news related to silver prices HERE...
