Domestic silver price
As of 11:05 on November 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 1.833 - 1.881 million VND/tael (buy - sell); down 15,000 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 1.831 - 1.888 million VND/tael (buy - sell); down 30,000 VND/tael for buying and down 31,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 48.826 - 50.346 million VND/kg (buy - sell); down 853,000 VND/kg for buying and down 880,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 11:10 a.m. on November 4 (Vietnam time), the world silver price was listed at 48.16 USD/ounce; down 0.49 USD compared to yesterday morning.
Causes and predictions
According to precious metals analyst James Hyerczyk at FX Empire, silver's gains are still limited. He said this reflects investors' cautious sentiment a week before the forecast to be quiet but with many important economic data from the US.
"Although silver holds around key technical thresholds, the lack of a clear catalyst makes it difficult for prices to create new up momentum," said James Hyerczyk.
The expert said that the US government's continued closure for the second month is raising concerns about the possibility of the non-farm payrolls (NFP) report being delayed for the second consecutive time. In that context, investors will pay more attention to the ADP private sector employment report and ISM's production - service indicators to find clues on the direction of the economy.
"Currently, the price range of 50.02 - 51.07 USD/ounce is still an important resistance zone, while the threshold of 45.63 USD/ounce plays a supporting role. Traders are closely monitoring the price reaction around these levels, but there is currently no clear signal of a breakthrough" - James Hyerczyk said.
In the short term, he said, silver still maintains a slight upward trend but lacks strong momentum. "This needs to be supported by weaker-than-expected economic data or dovish comments from the Federal Reserve (FED). With these factors, prices are likely to fluctuate within a narrow range," said James Hyerczyk.
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