Domestic silver price
As of 9:15 a.m. on May 15, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.235 - 1.273 million VND/tael (buy - sell); down 24,000 VND/tael for buying and down 25,000 VND/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.235 - 1.273 million VND/tael (buy - sell); down 24,000 VND/tael for buying and down 25,000 VND/tael 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 32,933 - 33,946 million VND/kg (buy - sell); down 640,000 VND/kg for buying and down 667,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:20 a.m. on May 15 (Vietnam time), the world silver price listed on Goldprice.org was at 32.08 USD/ounce; down 0.66 USD compared to yesterday's trading session.
Causes and predictions
According to FX Empire, silver prices were under strong selling pressure on Wednesday as improved global risk sentiment and a cooling gold market reduced investors' interest in precious metals.
Although expectations of a US Federal Reserve (FED) rate cut of around 53 basis points starting in September are difficult for silver to find support, said James Hyerczyk, a market analyst at FX Empire. Lower interest rates are often beneficial for non-yielding assets such as silver.
In addition, investors' risk-off sentiment improved this week thanks to the signal of cooling down trade tensions between the US and China. This reduces their need to hold safe-haven assets.
Meanwhile, Kitco expert Jim Wyckoff assessed that July silver futures speculators still have a short-term advantage.
The next target for buyers is to push silver prices above the important resistance level at 34.015 USD/ounce. On the contrary, the sellers are aiming to pull prices below the solid support level at 31 USD/ounce.
The first resistance level for silver prices was at $33/ounce, followed by $23.48/ounce. Meanwhile, the current important support levels are $32/ounce and $11.86/ounce.
See more news related to silver prices HERE...
