Domestic silver price
As of 9:15 a.m. on May 16, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.249 - VND1.288 million/tael (buy - sell); an increase of VND14,000/tael for buying and an increase of VND15,000/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.249 - 1.288 million VND/tael (buy - sell); an increase of 14,000 VND/tael for buying and an increase of 15,000 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 33.306 - 34.346 million VND/kg (buy - sell); an increase of 373,000 VND/kg for buying and an increase of 400,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:20 a.m. on May 16 (Vietnam time), the world silver price listed on Goldprice.org was at 32.52 USD/ounce; up 0.44 USD compared to yesterday's trading session.
Causes and predictions
According to FX Empire, silver prices recovered after the previous decline thanks to technical purchasing power and a series of less active US economic data than forecast.
James Hyerczyk - market analyst at FX Empire - commented: "The USD index continues to decline, making greenback-denominated assets such as silver and gold more attractive to foreign investors.
This has boosted buybacks after sell-offs in both gold and silver. In particular, gold increased more strongly thanks to many investors seeking a safe haven after the newly released economic data".
James Hyerczyk added that lower-than-expected retail inflation has put more pressure on the USD, thereby strengthening the appeal of non-yielding metals such as silver.
"In the context of a weakening USD and unclear economic signals, silver prices still fluctuate within a narrow range but can still trade stably. If expectations of a rate cut continue to be maintained, silver may continue to increase," James Hyerczyk emphasized.
See more news related to silver prices HERE...
