Domestic silver price
As of 9:30 a.m. on November 8, 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 1.854 - 1.902 million VND/tael (buy - sell); an increase of 18,000 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 1.851 - 1.908 million VND/tael (buy - sell); an increase of 4,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 49.359 - 50.879 million VND/kg (buy - sell); an increase of 106,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:30 a.m. on November 8 (Vietnam time), the world silver price was listed at 48.19 USD/ounce.
Causes and predictions
Silver prices are recovering after a week of strong fluctuations, holding the support zone around $47/ounce. According to precious metals analyst Christopher Lewis at FX Empire, the market seems to be entering a consolidation phase after previous strong increases.
"Silver prices have fallen significantly in the past week, sometimes falling below $47 an ounce, but quickly rebounded, showing that the region is still a reliable support level," he said.
Christopher Lewis said that the rebound in prices from this zone shows that buying power is gradually returning to the market. However, if silver breaks below last week's bottom - around $45/ounce - prices are likely to fall further. Currently, the market is still well supported and transactions are moving sideways, which helps cool down after a period of hot increase.
In a positive scenario, Christopher Lewis believes that silver prices may continue to fluctuate within a narrow range for a while before determining a new direction.
"Unlike gold, silver is not only a precious metal but is also associated with fields such as electric vehicles and green technology, so it is affected by many factors at the same time. Therefore, a period of price stability may be necessary before a new trend takes shape," he noted.
However, if prices fall below $45/ounce, Christopher Lewis said silver could fall another $1 million in the short term.
See more news related to silver prices HERE...
