Domestic silver prices
As of 10:20 am on April 8, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at 2.871-1.955 million VND/tael (buying - selling); an increase of 114,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at 2.862 - 2.951 million VND/tael (buying - selling); an increase of 130,000 VND/tael on the buying side and an increase of 135,000 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 76.319 - 78.693 million VND/kg (buying - selling); an increase of 3.466 million VND/kg on the buying side and an increase of 3.597 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:20 am on April 8 (Vietnam time), the world silver price was listed at 76.22 USD/ounce; up 3.76 USD compared to yesterday morning.
Causes and forecasts
The silver market is undergoing a period of significant volatility as interest rates continue to play a dominant role in price trends. In the trading session on Wednesday, silver prices fluctuated sharply as investors tried to maintain the 70 USD/ounce mark.
According to precious metals analyst Christopher Lewis of FX Empire, the context of continuously changing interest rates has created unstable pressure on the market, making fluctuations more unpredictable. However, according to experts, this situation is gradually becoming a "new normal" of the precious metals market.
Regarding the outlook, Mr. Christopher Lewis believes that silver is likely to re-establish a familiar trading zone in the range of 70 - 90 USD/ounce. If this scenario takes place, the market may soon witness a strong breakthrough increase. However, at the present time, these signals are still not really clear.
To overcome these thresholds, the necessary condition is that the general level of interest rates must cool down," he said.
In particular, investors are recommended to closely monitor the yield of 10-year US government bonds. If this index falls below 4.30% and continues to fall deeper, the silver market may enter a strong upward cycle.
In the current context, the appropriate strategy is to buy in when prices adjust, but with a small trading scale to control risks, as the market is still in the stage of finding a clear trend again" - Christopher Lewis said.
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