Domestic silver prices
As of 9:05 am on May 9, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.016 - 3.090 million VND/tael (buying - selling); an increase of 2,000 VND/tael in both directions compared to yesterday morning.
The price of 2025 Ancarat 999 silver bars (1kg) at Ancarat Precious Metals Company is listed at 79,480 - 81,900 million VND/kg (buy - sell).
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 3.037 - 3.131 million VND/tael (buying - selling); an increase of 15,000 VND/tael on the buying side and an increase of 16,000 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 3.037 - 3.131 million VND/tael (buying - selling); an increase of 15,000 VND/tael on the buying side and an increase of 16,000 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 80.986 - 83.493 million VND/kg (buying - selling); an increase of 400,000 VND/kg on the buying side and an increase of 427,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on May 9 (Vietnam time), the world silver price was listed at 80.31 USD/ounce; an increase of 0.23 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to rise in the last trading session of the week as market yields and interest rates slightly decreased, although the US jobs report showed more positive results than expected. This development shows that investor sentiment is gradually shifting to supply-demand factors instead of just focusing on short-term economic data.
According to Christopher Lewis - precious metals expert at FX Empire, the market is now starting to consider the possibility that tensions in the Middle East may cool down in the near future. As geopolitical factors reduce pressure, attention is likely to return to the shortage of silver supply - a problem that has lasted for many months.
The expert said that if silver prices surpass the peak zone set in Thursday's session, the market may enter a new wave of increase with the goal of reaching the 90 USD/ounce mark. However, investors are still cautious before the weekend holiday due to difficulty predicting trading sentiment and unexpected information that may appear.
Technically, the 80 USD/ounce mark is currently considered an important support zone in short-term corrections," Christopher Lewis said.
From a longer-term perspective, Christopher Lewis believes that the silver market is in an accumulation phase, with the 70 USD/ounce zone playing a supporting bottom role, while the area around 90 USD/ounce is considered the main resistance ceiling.
Although the silver price outlook remains positive, Christopher Lewis warns that this is still a market with very large volatility and is easily affected by new news, especially information related to interest rates and geopolitics.
In that context, investors should reduce the scale of trading positions to limit risks. Silver prices may continue to fluctuate in the current range in the near future, but just one unexpected information or statement on social media can cause the market to reverse sharply in both directions" - Christopher Lewis gave his opinion.
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