Domestic silver prices
As of 10:20 am on April 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.727 - 2.794 million VND/tael (buying - selling); an increase of 15,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 71.826 - 74.006 million VND/kg (buying - selling); an increase of 390,000 VND/kg on the buying side and an increase of 400,000 VND/kg on the selling side compared to yesterday morning.
The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at the threshold of 2.757 - 2.841 million VND/tael (buying - selling); an increase of 51,000 VND/tael on the buying side and an increase of 39,000 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 2.732 - 2.816 million VND/tael (buying - selling); an increase of 26,000 VND/tael on the buying side and an increase of 14,000 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 72.853 - 75.093 million VND/kg (buying - selling); an increase of 907,000 VND/kg on the buying side and an increase of 934,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:20 am on April 7 (Vietnam time), the world silver price was listed at 72.46 USD/ounce; up 0.33 USD compared to yesterday morning.
Causes and forecasts
The silver market has recently continued to record notable fluctuations. However, according to analysts, current developments show that the market is likely in the stage of forming a stable price range to serve as a trading basis.
According to precious metals analyst Christopher Lewis of FX Empire, the 70 USD/ounce mark is emerging as an important support threshold when continuously verified in previous corrections. The fact that prices are maintained around this area shows that market sentiment is still remembering and reacting clearly to this support level.
If the support zone is maintained, the market may continue to fluctuate in the accumulation range, with the lower zone around 70 USD/ounce and the upper zone around 90 USD/ounce. This is considered a highly likely scenario in the current context" - he said.
However, the silver market is still affected by many macroeconomic factors. Geopolitical instability along with high interest rates are creating certain pressure on the price of this precious metal. Rising interest rates often make silver less attractive than other profitable investment channels.
However, recent developments show that the market is gradually stabilizing. This may reflect a shift in investor interest - from interest rate factors to supply and demand factors, which have a more positive impact on silver prices.
Regarding the outlook, silver prices in the near future are likely to be higher than the same period last year. However, the market still needs more time to clearly define key price thresholds, thereby establishing a more sustainable trend in the long term" - Christopher Lewis said.
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