Silver prices at Ancarat Vietnam JSC remain high, listed at VND 1,805,000 per tael (buy) and VND 1,855,000 per tael (sell) in Hanoi. Over the past year, silver prices have surged by approximately 64%.
Meanwhile, 1kg 999 silver bars are priced at VND 47,236,000 (buy) and VND 48,486,000 (sell), as of 8:30 AM on September 30th.
Globally, silver prices continue to rise, reaching $47 per ounce.
Silver prices have consistently broken records, marking the sixth consecutive week of gains. Last week, prices hit a 14-year high of $46.63 per ounce after surpassing the long-term resistance level of $44.22 per ounce.
According to analyst James Hyerczyk, the next target for the market is $49.81 per ounce, nearing the psychological threshold of $50 per ounce.
“Silver’s upward momentum is supported by expectations that the U.S. Federal Reserve (FED) will further cut interest rates this year, alongside rising industrial demand and potential supply constraints,” he stated.
However, Hyerczyk noted that certain data points, such as adjusted GDP growth, strong new home sales, and declining unemployment claims, cast doubt on the likelihood of rate cuts. The core PCE index for August rose only 0.21% month-over-month and 2.9% year-over-year, insufficient to shift easing expectations.
Regarding supply and demand, Hyerczyk highlighted that China’s push for solar energy continues to drive silver demand. Simultaneously, Freeport’s Grasberg mine declaring force majeure increases supply shortage risks amid thin inventories. ETF inflows and physical demand in Asia remain stable.
Technically, Hyerczyk suggested that silver prices could target $49.81 per ounce, with $44.22 per ounce now acting as a support level. “However, after a strong rally and reaching the highest levels since 2011, prices may pause or correct for 2-3 weeks before resuming their upward trend,” he concluded.
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