Domestic silver price
As of 11:00 on November 7, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at 1.844 - 1.886 million VND/tael (buy - sell); an increase of 15,000 VND/tael in both directions compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) at Ancarat Petrochemical Company was listed at 48.494 - 49.844 million VND/kg (buy - sell); an increase of 380,000 VND/kg for buying and an increase of 400,000 VND/kg for selling compared to yesterday morning.
The price of 999 gold bars of Saigon Thuong Tin Bank Gold and Gemstone Company Limited (Sacombank-SBJ) was listed at 1.836 - 1.884 million VND/tael (buy - sell); an increase of 15,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.847 - 1.904 million VND/tael (buy - sell); an increase of 17,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 49.253 - 50.773 million VND/kg (buy - sell); an increase of 454,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 11:10 on November 7 (Vietnam time), the world silver price was listed at 48.25 USD/ounce; up 0.47 USD compared to yesterday morning.
Causes and predictions
Silver prices continued to increase in today's trading session. According to precious metals expert Christopher Lewis at FX Empire, market sentiment has now calmed down and this could be a sign that the uptrend will continue in the coming time.
"The silver market has rebounded, despite many complex fluctuations. However, I think the market is looking to stabilize after a strong rally in the past few months and a significant sell-off before," he said.
Christopher Lewis believes that if silver prices remain above $46/ounce, the market can expect stability and continue the uptrend. However, if prices fall below $45.50/ounce, silver will face many difficulties.
"This will depend on many factors, including the policy of the US Federal Reserve (FED), fluctuations in the US dollar, interest rates, global central banks, and future demand for electric vehicles or green technology" - Christopher Lewis analyzed.
See more news related to silver prices HERE...
