Silver price fluctuations 10.5: Reversal to increase but has potential risks

    Phương Anh |

    Silver price fluctuations 10.5: Silver prices reverse to increase but still face risks from global trade fluctuations.

    Domestic silver price

    As of 10:25 a.m. on May 10, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.259 - 1.298 million VND/tael (buy - sell); an increase of 15,000 VND/tael for buying and an increase of 16,000 VND/kg for selling compared to early this morning.

    Dien bien gia bac trong nuoc nhung phien gan day. Bieu do: Phuong Anh
    Domestic silver price developments in recent sessions. Chart: Phuong Anh

    The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.259 - 1.298 million VND/tael (buy - sell); an increase of 15,000 VND/tael for buying and an increase of 16,000 VND/kg for selling compared to early this morning.

    At the same time, the price of 999 (1kilo) taels of silver at Phu Quy Jewelry Group was listed at 33.573 - 34.613 million VND/kg (buy - sell); an increase of 320,000 VND/kg in both buying and selling directions compared to early this morning.

    World silver price

    On the world market, as of 10:30 a.m. on May 10 (Vietnam time), the world silver price listed on Goldprice.org was at 32.69 USD/ounce; up 0.27 USD compared to early this morning.

    Dien bien gia bac the gioi nhung phien gan day. Bieu do: Phuong Anh
    World silver price developments in recent sessions. Chart: Phuong Anh

    Causes and predictions

    According to FX Empire, silver increased slightly in the last trading session. However, the market is still affected by weak technical signals and fluctuations in global trade. This makes investors cautious and wait for important upcoming events.

    While technical factors are leaning towards a downward trend, analyst James Hyerczyk at FX Empire said that broader fundamentals may support.

    "The US-China trade talks in Switzerland are being closely monitored. Any tariff easing for Chinese imports could boost industrial demand for silver.

    Of which, more than 50% of consumption is associated with industrial applications, especially electronics and solar energy. This could help slow down the decline of silver and stabilize prices again," said James Hyerczyk.

    However, James Hyerczyk believes that the gold-siber ratio remains high, meaning that silver is still less attractive than gold.

    While gold has maintained its short-term support thanks to a weak US dollar and geopolitical concerns, silver has failed to attract safe-haven cash flow like gold, he said.

    See more news related to silver prices HERE...

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