Domestic silver prices
As of 10:35 am on May 14, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 3.208 - 3.290 million VND/tael (buying - selling); down 24,000 VND/tael on the buying side and down 25,000 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 3.208 - 3.290 million VND/tael (buying - selling); down 24,000 VND/tael on the buying side and down 25,000 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 85.546 - 87.733 million VND/kg (buying - selling); down 640,000 VND/kg on the buying side and down 666,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:30 AM on May 14 (Vietnam time), the world silver price was listed at 86.34 USD/ounce; down 0.45 USD compared to yesterday morning.
Causes and forecasts
The silver market is entering a period of stagnation as it is facing mixed impacts from the rising interest rate trend in the US.
According to Mr. Christopher Lewis - precious metals expert of FX Empire, silver prices are currently testing an important resistance zone around the 90 USD/ounce mark. This is not only a noteworthy technical threshold but also has great psychological significance for investors. Therefore, the market may continue to face strong selling pressure in this area.
The 90 USD/ounce threshold is a large and round milestone, where downward pressure may continue to appear" - he said.
The expert of FX Empire believes that silver is likely to return to the balanced price zone after the recent strong increase. In which, the 80 USD/ounce area is considered the most potential support zone if the market adjusts. In a more negative case, the 70 USD/ounce mark is considered the "hard bottom" of the silver market today.
However, Mr. Lewis also noted that if silver prices can successfully surpass the 90 USD/ounce threshold, the market will have the opportunity to move towards the 100 USD/ounce mark in the near future.
According to his analysis, high interest rates in the US are still a major factor putting pressure on silver in the long term. Rising interest rates often make non-performing assets such as precious metals less attractive to investors.
Mr. Christopher Lewis believes that the important reason helping silver maintain its appeal is the risk of supply shortages in the market. Demand for silver is still high, while the ability to respond from supply is showing signs of limitation.
He predicts that the silver market may continue to fluctuate and face difficulties in the short term, but in the long term there are still positive prospects and the possibility of a stronger upward momentum in the future.
See more news related to silver prices HERE...
