Domestic silver prices
As of 10:00 AM on April 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.741 - 2.808 million VND/tael (buying - selling); an increase of 29,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 72,190 - 74,380 million VND/kg (buying - selling); an increase of 754,000 VND/kg on the buying side and an increase of 774,000 VND/kg on the selling side compared to yesterday morning.
The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at the threshold of 2.748 - 2.844 million VND/tael (buying - selling); an increase of 33,000 VND/tael in both directions 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 2.742 - 2.827 million VND/tael (buying - selling); an increase of 32,000 VND/tael on the buying side and an increase of 33,000 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 73.119 - 75.386 million VND/kg (buying - selling); an increase of 853,000 VND/kg on the buying side and an increase of 880,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:00 AM on April 3rd (Vietnam time), the world silver price was listed at 72.96 USD/ounce; up 0.9 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to record notable fluctuations in Friday's trading session, as the market was affected by interest rate policies in the US and many European countries.
During the session, silver prices fluctuated around the 70 USD/ounce mark - a level considered familiar in recent times. According to precious metals analyst Christopher Lewis of FX Empire, this move took place in the context of sharp interest rates in the US, putting great pressure on non-profit assets such as silver. As capital costs increase, cash flow tends to shift to better profitable investment channels, weakening this precious metal.
In addition, market sentiment is still dominated by concerns related to geopolitical conflicts and increased inflation risks. This raises the possibility that the US Federal Reserve (Fed) will maintain tight monetary policy for longer than expected, continuing to put pressure on silver prices," he said.
However, Christopher Lewis believes that the long-term trend of the market has not changed much. The current strong fluctuations may only be short-term, and silver prices are expected to gradually stabilize again.
Silver is tending to perform worse than gold - a development seen as consistent with the usual rules of the market. The previous period of strong growth for silver was assessed as abnormal, and currently, the correlation between these two precious metals is gradually returning to a state of balance" - Christopher Lewis gave his opinion.
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