Domestic silver prices
As of 9:05 am on May 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company is listed at the threshold of 2.954 - 3.027 million VND/tael (buying - selling); an increase of 119,000 VND/tael on the buying side and an increase of 122,000 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 77.850 - 80.220 million VND/kg (buying - selling); an increase of 3.154 million VND/kg on the buying side and an increase of 3.254 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 2.961 - 3.053 million VND/tael (buying - selling); an increase of 133,000 VND/tael on the buying side and an increase of 117,000 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 2.961 - 3.053 million VND/tael (buying - selling); an increase of 123,000 VND/tael on the buying side and an increase of 127,000 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 78.959 - 81.413 million VND/kg (buying - selling); an increase of 3.28 million VND/kg on the buying side and an increase of 3.387 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on May 7 (Vietnam time), the world silver price was listed at 78.08 USD/ounce; up 3.44 USD compared to yesterday morning.
Causes and forecasts
The silver market recorded positive developments in Thursday's trading session as prices rebounded after information that the US and Iran showed signs of getting closer to a peace agreement.
According to Christopher Lewis - precious metals expert at FX Empire, optimistic sentiment related to the Middle East situation has dragged bond yields down, thereby supporting silver prices to rise. "Because silver is a non-performing asset, so when yields fall, the attractiveness of this precious metal usually increases compared to other financial assets," he said.
Technically, Mr. Christopher Lewis said that the short-term trend of silver prices is improving. The market is currently heading towards the 80 USD/ounce mark - an area considered an important resistance level.
According to him, if silver can surpass this price range, the market may enter a stronger upward momentum. However, that still depends on the next positive information from geopolitics and macroeconomics.
However, this expert also warned of the possibility of a downward correction in the short term. He believes that investors should prioritize the "buy when prices fall" strategy, because the market has repeatedly reacted strongly to information related to Middle East tensions, and just one unexpected development can quickly reverse the psychology.
In the short term, Mr. Christopher Lewis assesses that silver is still fluctuating in the support zone of 70 USD/ounce and the resistance zone of 80 USD/ounce. When the market has not clearly broken through this range, investors can consider short-term trading strategies such as buying at low prices and selling when prices increase.
He also emphasized that managing the scale of position is a particularly important factor, because silver is inherently a highly volatile asset, while the current market context still contains more risks than usual.
See more news related to silver prices HERE...
