Silver prices surged today, December 25th, surpassing the $71/ounce mark.
Global and domestic silver prices rose simultaneously in the morning trading session on December 25th. The upward trend was driven by increased industrial and investment demand amid limited supply.
Domestic silver prices have increased by nearly 100,000 VND per tael.
The domestic silver market saw a widespread price increase on the morning of December 25th. In Hanoi, Phu Quy Gold, Silver and Gemstone Group listed the price of silver at...2,709,000 VND/ounce(buying) and2,793,000 VND/ounce(selling price) increased by 96,000 VND and 99,000 VND respectively compared to the previous session.
Meanwhile, some other trading points in Hanoi recorded silver prices at a certain level.2,342,000 VND/ouncebuy and2,371,000 VND/ounceThe selling price increased by 77,000 VND on the buying side and 76,000 VND on the selling side.
In Ho Chi Minh City, the price of silver also increased similarly, trading around the same level.2,343,000 VND/ounce(buying) and2,377,000 VND/ounce(for sale).
World silver prices surpass key threshold.
On the world market, at 6:18 AM on December 25th (Vietnam time), the spot price of silver was recorded at...71,848 USD/ounce, up $0.372/ounce compared to the previous session. This is a significant price level, indicating a clear upward trend for this metal.
After converting at the current exchange rate, this price is equivalent to approximately 1,892,000 VND/ounce for buying and 1,898,000 VND/ounce for selling, an increase of about 10,000 – 11,000 VND/ounce compared to the previous session.
Market analysis and outlook
According to James Hyerczyk, an analyst at FX Empire, the upward momentum in silver is supported by several factors. Key reasons include increased industrial and investment demand, limited supply, geopolitical tensions, and expectations that the US will continue to cut interest rates.
The expert noted that the market is closely watching the US Treasury bond auctions this week. The low liquidity due to the holiday season could increase investor caution in the precious metals market.
Regarding the short-term outlook, Mr. Hyerczyk believes the trend for silver prices remains positive. Maintaining above the threshold is crucial.$70.68 per ounceThis could open up a new upward trend. Conversely, if selling pressure emerges, the price could retreat to the support zone around the mark.$65.74 per ounce.
