Domestic silver price
As of 10:00 on October 4, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at 1.830 - 1.875 million VND/tael (buy - sell); increased by 21,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.837 - 1.894 million VND/tael (buy - sell); increased by 50,000 VND/tael for buying and increased by 52,000 VND/tael for selling compared to yesterday morning (October 3).
The price of 999 gold bars (1kg) at Phu Quy Jewelry Group was listed at 48.986 - 50.506 million VND/kg (buy - sell); an increase of 1.333 million VND/kg for buying and an increase of 1.387 million VND/kg for selling compared to yesterday morning (October 3).
World silver price
On the world market, as of 10:00 a.m. on October 4 (Vietnam time), the world silver price was listed at 47.74 USD/ounce; up 0.94 USD compared to yesterday morning.
Causes and predictions
The silver market is still fluctuating strongly as investors wait for more clear signals. In the trading session on Thursday, silver encountered many difficulties, showing unstable sentiment. On Friday, the market will be somewhat more vibrant in the short term.
According to senior analyst Christopher Lewis, the volatility level is likely to ease while waiting for economic data. If silver is adjusted down, it is not too surprising. Currently, the market has many important support levels around 46 USD/ounce, followed by 45 USD/ounce.
On the other hand, $48/ounce is playing a big resistance zone. Looking back in history, since the 1970s, every time silver prices approached the threshold of 50 USD/ounce, the market has experienced unusual fluctuations.
"That doesn't mean silver won't be able to break above $50 an ounce, but it's clear that this price zone has been associated with many past fluctuations, so a breakthrough won't be easy," Christopher Lewis said.
However, the expert said that the scenario of selling counterfeit silver at this time is not highly appreciated. "To truly consider the possibility of a deep decline, silver prices need to penetrate the $42/ounce mark" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
