Domestic silver prices
As of 9:15 am on May 5, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Jewelry Company was listed at 2.763 - 2.831 million VND/tael (buying - selling); down 94,000 VND/tael on the buying side and down 96,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 72.784 - 74.994 million VND/kg (buying - selling); down 2.48 million VND/kg on the buying side and down 2.56 million VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.752 - 2.857 million VND/tael (buying - selling); down 106,000 VND/tael on the buying side and down 110,000 VND/tael on the selling side 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 2,760 - 2,845 million VND/tael (buying - selling); down 108,000 VND/tael on the buying side and down 112,000 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 73.599 - 75.866 million VND/kg (buying - selling); down 2.88 million VND/kg on the buying side and down 2.987 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on May 5 (Vietnam time), the world silver price was listed at 72.88 USD/ounce; down 2.44 USD compared to yesterday morning.
Causes and forecasts
The silver market is strongly affected by interest rate fluctuations and global macroeconomic factors. In the context of concerns that energy inflation may cause central banks to maintain tight monetary policy for longer, silver's outlook is generally less positive.
Recorded in the first trading session of the week, silver prices continued to fluctuate and showed signs of weakening. Mr. Christopher Lewis - precious metals expert at FX Empire - said that if the interest rate trend in the US continues to rise, the possibility of the market retesting the price range of 70 USD/ounce is entirely possible. This is a threshold that has been tested many times in the past.
However, this expert does not recommend short selling of silver at the present time, but also notes that this is not a favorable time to buy, especially when pressure from interest rates has not cooled down. According to him, this situation is common in the silver market, but is becoming more noteworthy in the current period.
Besides the interest rate factor, geopolitical information also contributes to increasing volatility," said Christopher Lewis.
Technically, Christopher Lewis believes that the 80 USD/ounce zone is considered an important resistance level in the short term. If the price exceeds this threshold, the market may open up room to increase to the 90 USD/ounce zone.
However, Mr. Christopher Lewis emphasized that silver is an asset with very high volatility, so investors need to be particularly cautious in risk management. "With its sensitivity to monetary policy and global economic fluctuations, the silver market is likely to continue to react quickly to new information in the near future" - Christopher Lewis said.
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