Domestic silver prices
As of 9:05 am on May 12, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 3.202 - 3.301 million VND/tael (buying - selling); an increase of 147,000 VND/tael on the buying side and an increase of 152,000 VND/tael on the selling side compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 3.202 - 3.301 million VND/tael (buying - selling); an increase of 147,000 VND/tael on the buying side and an increase of 152,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 85.386 - 88.026 million VND/kg (buying - selling); an increase of 3.92 million VND/kg on the buying side and an increase of 4.053 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 AM on May 12 (Vietnam time), the world silver price was listed at 86.03 USD/ounce; an increase of 4.59 USD compared to yesterday morning.
Causes and forecasts
The silver market is sending many positive signals as the price of this precious metal rebounded sharply right from the beginning of the first trading session of the week.
According to Mr. Christopher Lewis - precious metals expert of FX Empire, the current upward momentum shows that optimistic sentiment still prevails in the silver market. Investors are closely monitoring factors related to interest rates and the level of risk acceptance of cash flow, because these are factors that can strongly impact price trends in the coming time.
According to Mr. Lewis' analysis, silver prices have surpassed an important resistance zone in Monday's trading session. This opens up the possibility that the precious metal will continue to rise in the long term.
He predicts that silver prices may head towards the 90 USD/ounce mark - a level considered an important milestone for the market. However, experts also noted that global interest rates are still maintained at a higher than normal level, creating significant pressure on the diễn biến of silver prices as well as other precious metal assets.
However, he believes that the silver market is being supported by the fundamental factor of global supply shortages.
The market is gradually focusing on the fact that the world is severely short of silver and this will continue to be a major problem for this market," Mr. Lewis said.
According to this expert, the price range around 70 - 90 USD/ounce may become a large accumulation zone for silver for a long time. If it surpasses the threshold of 90 USD/ounce, silver prices are likely to enter a stronger upward phase.
However, in the short term, Mr. Christopher Lewis said he is still cautious with market fluctuations and prioritizes buying strategies when prices adjust down instead of chasing hot uptrends.
See more news related to silver prices HERE...
