Domestic silver prices
As of 9:15 am on May 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.852 - 2.922 million VND/tael (buying - selling); down 10,000 VND/tael in both directions compared to a week ago.
The price of 2025 Ancarat 999 silver bars (1kg) at Ancarat Precious Metals Company is listed at 75,140 - 77,420 million VND/kg (buy - sell); down 266,000 VND/kg both ways compared to a week ago.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.845 - 2.953 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 VND/tael on the selling side compared to a week ago.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.855 - 2.943 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 VND/tael on the selling side compared to a week ago.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 76.133 - 78.479 million VND/kg (buying - selling); down 346,000 VND/kg on the buying side and down 374,000 VND/kg on the selling side compared to a week ago.
World silver price
On the world market, as of 9:05 am on May 3rd (Vietnam time), the world silver price was listed at 75.18 USD/ounce; down 0.35 USD compared to a week ago.
Causes and forecasts
Silver prices closed the trading week with an increase in the last session, but in general still recorded a week of sharp decline and significant fluctuations. This development reflects the increasingly clear impact of the high interest rate environment on the precious metals market.
According to Christopher Lewis - precious metals expert at FX Empire, the maintenance of high interest rates is putting direct pressure on silver prices. Unlike profitable assets, silver does not bring cash flow, so it becomes less attractive as opportunity costs increase. "Raising interest rates make investors tend to shift capital to high-yield assets, thereby curbing the increase in silver," he said.
The factor driving interest rates up mainly comes from concerns about inflation, especially energy inflation. In that context, the US Federal Reserve (Fed) is likely to extend its tight monetary policy. This is seen as disadvantageous not only for silver but also for other non-profit assets.
However, in the long term, Christopher Lewis said that supply and demand in the silver market are still assessed as positive. However, in the short term, instability related to energy supply in the Middle East continues to cause silver prices to fluctuate sharply. The expert recommends that investors should maintain a reasonable position size to limit risks in the face of sudden fluctuations.
Technically, Christopher Lewis said that the 70 USD/ounce zone is playing an important supporting role, as the price has rebounded from this area in the past week.
In the opposite direction, the resistance levels are at 80 USD and 90 USD/ounce respectively. The market is currently assessed to be very sensitive to technical signals, but the core factor is still the interest rate trend: interest rate increases continue to mean downward pressure on silver prices" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
