Domestic silver price
As of 11:20 on December 6, the price of 999 Phuc Loc Gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at VND 2.142 - VND 2.196 million/tael (buy - sell); an increase of VND 18,000/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 VND 2.196 - VND 2.264 million/tael (buy - sell); an increase of VND 28,000/tael for buying and an increase of VND 29,000/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 58.559 - 60.373 million VND/kg (buy - sell); an increase of 746,000 VND/kg for buying and an increase of 774,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 11:20 on December 6 (Vietnam time), the world silver price was listed at 58.3 USD/ounce; up 0.62 USD compared to yesterday morning.
Causes and predictions
According to precious metals analyst Christopher Lewis at FX Empire, silver prices increased again thanks to the recovery of buying power in the market.
"The supply of silver is currently quite limited, while demand from green technology and artificial intelligence industries is increasing, these are factors supporting prices. At the same time, in the futures market, the amount of silver on paper is still much larger than the actual amount of physical silver, which makes short-term adjustments more likely to happen, he said.
Mr. Lewis also noted that according to general principles, to sell silver counterfeit appropriately, prices need to decrease sharply. Currently, this condition has not appeared in the market, so selling fake goods still has potential risks. However, in the future, if prices have a deeper correction, there will be attractive counterfeiting opportunities.
"In short, the silver market is balancing strong demand and limited supply. Short-term fluctuations are currently just an opportunity for long-term investors to find points, while selling forge at this time is not suitable for the market context" - Christopher Lewis commented.
Technically, Christopher Lewis believes that the $60/ounce threshold is considered the main barrier; if prices surpass this threshold and continue to increase, it will be a very positive signal. Conversely, if prices fall, the first support level will be at $55/ounce, then $54/ounce.
See more news related to silver prices HERE...
