Domestic silver prices
As of 9:40 am on April 4, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at the threshold of 2.748 - 2.844 million VND/tael (buying - selling); unchanged 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); unchanged in both directions 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); unchanged in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:40 am on April 4 (Vietnam time), the world silver price was listed at 72.96 USD/ounce; unchanged compared to yesterday morning.
Causes and forecasts
The silver market has just experienced a relatively positive trading week, continuing the recovery momentum that has formed in recent weeks. Although the trading time in the week is shorter, the signals showing the reversal trend are gradually becoming clearer, but the sustainability is still a question mark.
According to precious metals analyst Christopher Lewis of FX Empire, the developments of silver currently depend heavily on interest rate fluctuations, especially the yield of 10-year US government bonds - an important measure reflecting the risk appetite of global investors.
Silver prices are often under downward pressure due to the increased attractiveness of profitable assets. Conversely, in a lower interest rate environment, silver - which is an interest-free asset - has the opportunity to improve prices," he said.
From a technical perspective, the price zone around 70 USD/ounce is playing an important supporting role when it has repeatedly kept the market from falling deeper. However, Christopher Lewis said that the fact that silver prices lost part of their gains in the past week shows that long-term buying power is still not strong enough, and investors tend to be more cautious.
In the current context, holding long-term silver is considered quite risky. The main reason comes from the unpredictable volatility of the global financial market, especially information related to monetary policy that causes interest rates to fluctuate continuously" - Christopher Lewis said.
Regarding the outlook, although there is still a positive view of silver in the long term, the expert recommends that investors should only maintain a small proportion in their portfolios at this time. "If the price falls back below the 70 USD/ounce mark, the 68 USD/ounce zone may play the role of the next support threshold" - Christopher Lewis said.
In the long term scenario, the silver market is expected to fluctuate in a wide range from 70 to 90 USD/ounce. "However, to achieve that, the prerequisite is that the bond market - the main driving factor - needs to be more stable in the coming time" - Christopher Lewis gave his opinion.
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