Domestic silver prices
As of 9:40 am on April 29, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.793-8.862 million VND/tael (buying - selling); down 22,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 73,580 - 75,820 million VND/kg (buying - selling); down 576,000 VND/kg on the buying side and down 586,000 VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.782 - 2.888 million VND/tael (buying - selling); down 33,000 VND/tael on the buying side and down 34,000 VND/tael on the selling side 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 2.792 - 2.878 million VND/tael (buying - selling); down 33,000 VND/tael on the buying side and down 34,000 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 74.453 - 76.746 million VND/kg (buying - selling); down 880,000 VND/kg on the buying side and down 907,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:45 am on April 29 (Vietnam time), the world silver price was listed at 73.68 USD/ounce; down 1.09 USD compared to yesterday morning.
Causes and forecasts
The silver market recorded a deep decline in the mid-week trading session mainly due to pressure from the increasing interest rate environment.
According to analysis by precious metals expert Christopher Lewis from FX Empire, the continued rise in interest rates in the United States is making non-profit assets such as silver less attractive in the eyes of investors. This is seen as a "regulatory" reaction of the market, as cash flow tends to shift to better profitable channels.
Technically, this expert believes that the market may be moving towards testing the price zone around the 70 USD/ounce mark. This is an important psychological threshold, often attracting great attention from investors and may act as a support zone in the short term.
However, the current context still contains many underlying factors of pressure. Geopolitical tensions in the Middle East are contributing to keeping interest rates at a high level globally. When interest rates maintain an upward trend, silver prices will hardly have conditions to break through strongly in the short term" - Christopher Lewis said.
In the opposite direction, the outlook for silver may improve if monetary policy is eased again. In case interest rates cool down, it opens up the possibility that silver prices will rise to the 80 USD/ounce zone.
However, according to Christopher Lewis, the upward trend of silver, if any, will be long-term, rather than rapid. The market in the short term will still fluctuate strongly due to the impact of macroeconomic factors.
Investors are therefore recommended to closely monitor the developments of 10-year US government bond yields - an important indicator reflecting interest rate expectations - to shape the next trend of the silver market" - Christopher Lewis gave his opinion.
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