Silver Prices Under Pressure

According to data from Phu Quy Jewelry Corporation, silver prices held steady today after a sharp decline last weekend. Silver 999 per tael is listed at VND 1,949,000 (buy) and VND 2,009,000 (sell). Over the past month, silver bar prices have dropped by 6.3%.

Meanwhile, 1kg silver bars (999 purity) are priced at VND 51,973,203 (buy) and VND 53,573,199 (sell), updated at 09:10 on November 17.

Globally, silver is trading at $50.9 per ounce.

Spot silver prices ended the week on a weak note as expectations of a Federal Reserve rate cut nearly vanished, prompting investors to exit risky assets en masse.

According to precious metals analyst Christopher Lewis (FX Empire), weakening buying demand is raising concerns about a potential double-top pattern forming around $54 per ounce. This is seen as a bearish signal, as failure to hold key support levels could expose silver to deeper declines. Lewis warns that a drop below $50 per ounce could trigger further selling, given the lack of clear catalysts to sustain a recovery.

Additionally, each upward tick in silver prices is quickly capped by weak buying interest, indicating insufficient market momentum. With a defensive sentiment prevailing, investors are largely sidelined, awaiting clear signals from technical support levels before re-entering the market.

Similarly, FX Empire’s precious metals analyst James Hyerczyk notes that silver previously surged to nearly $54.39 per ounce but reversed sharply amid a broad sell-off across markets. Not just silver, but tech stocks, AI groups, cryptocurrencies, and gold all saw significant declines, reflecting widespread risk-off sentiment.

Hyerczyk adds that despite a slight dip in the U.S. dollar and rising U.S. Treasury yields—factors typically supportive of silver—the market remains unresponsive.