Domestic silver price
As of 9:10 a.m. on May 13, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.255 - 1.294 million VND/tael (buy - sell); an increase of 1,000 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 1.255 - 1.294 million VND/tael (buy - sell); an increase of 1,000 VND/tael for both buying and 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 33.466 - 34.506 million VND/kg (buy - sell); an increase of 27,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:15 a.m. on May 13 (Vietnam time), the world silver price listed on Goldprice.org was at 32.74 USD/ounce.
Causes and predictions
According to FX Empire, cooling trade tensions and a stronger US dollar are weakening the appeal of safe-haven assets such as gold and silver.
Despite less pressure than gold, silver still faces strong selling pressure from the market - as important technical thresholds are being closely monitored by investors.
Traders have adjusted their gold- silver ratio, cutting their gold positions after the metal price plummeted below $3,300/ounce, said James Hyerczyk, a market analyst at FX Empire.
Meanwhile, the lower decline in silver shows that the gold market was previously overbought against silver."
This shows that silver is holding a better price than gold, but could still decrease if the pessimistic trend continues to spread in the metal market.
James Hyerczyk added that the US dollar surged to 1.7% against the Japanese yen and 1.5% against the Swiss francs - contributing to the pressure on precious metals prices.
"The US and China's agreed to temporarily postpone a part of the counterpart tax for 90 days helps cool down geopolitical risks and promote capital withdrawal from safe-haven assets.
The USD index rose to a one-month high, making gold and silver more expensive for non-dollar users. This puts more pressure on gold and silver," he said.
See more news related to silver prices HERE...
