Domestic silver price
As of 10:10 on July 10, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.390 - 1.433 million VND/tael (buy - sell); down 4,000 VND/tael for both buying and selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.390 - 1.433 million VND/tael (buy - sell); down 4,000 VND/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 37,066 - 38,213 million VND/kg (buy - sell); down 107,000 VND/kg for buying and down 106,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 10:12 on July 10 (Vietnam time), the world silver price was listed at 36.41 USD/ounce; down 0.12 USD compared to yesterday morning.
Causes and predictions
The silver market was somewhat unoptimistic, as prices continued to fluctuate around resistance levels but there was not enough strength to break out.
Senior market analyst Christopher Lewis said that the 37.50 USD/ounce mark is being closely monitored by many investors. If prices can surpass this level, it is likely to continue to move towards $40/ounce. On the other hand, the $35 range is currently playing a supporting role.
"Sooner or later, the market will also escape the current fluctuating price zone to form a new increase. However, we need to be very cautious, because silver is a highly volatile asset and is easily affected by unexpected news" - Christopher Lewis commented.
According to Christopher Lewis, this is not a market for hasty investors, but it is very worth considering if investors are waiting for a buying opportunity when prices adjust.
"In addition, the USD is under downward pressure, which further supports silver prices. However, there are still concerns about silver demand in industry, as the US labor market remains strong. In general, recent weeks have been a period of market adjustment, after the previous strong increase" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
