Domestic silver prices
As of 10:35 am on May 16, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.829 - 2.916 million VND/tael (buying - selling); down 177,000 VND/tael on the buying side and down 167,000 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 2.829 - 2.916 million VND/tael (buying - selling); down 177,000 VND/tael on the buying side and down 167,000 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 75.439 - 77.759 million VND/kg (buying - selling); down 4.72 million VND/kg on the buying side and down 4.454 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:35 am on May 16 (Vietnam time), the world silver price was listed at 75.93 USD/ounce; down 5.2 USD compared to yesterday morning.
Causes and forecasts
The silver market is experiencing a period of strong volatility as investor sentiment is continuously dominated by interest rates in the US and geopolitical tensions in the Middle East.
According to Mr. Christopher Lewis - precious metals expert of FX Empire, in the past trading week, silver prices had a very strong increase at times, but selling pressure appeared densely around the 90 USD/ounce mark, causing the rapid increase to be blocked. He assessed that this shows that the market is still in a state of great instability.
Not only losing the entire previous increase, silver also weakened when falling below the 80 USD/ounce threshold. The context of interest rates in the US continuing to linger at a high level is creating more pressure on this precious metal. Mr. Christopher Lewis said that the possibility of silver prices falling deeply to the 70 USD/ounce zone is entirely possible.
According to Christopher Lewis, the 70 USD/ounce mark is currently considered the bottom of the fluctuation range that the market has maintained in the past time. If US interest rates continue to rise, silver prices are even at risk of breaking through this threshold. In a more negative scenario, the market may plummet to the 64 USD/ounce zone.
In the opposite direction, if the price recovers, the 80 USD/ounce zone will play the role of short-term resistance, while the 90 USD/ounce threshold is still considered the strongest barrier of the market today" - Christopher Lewis analyzed.
Experts from FX Empire also believe that the silver market will continue to experience strong ups and downs in the near future, especially when investors are very sensitive to information related to the Middle East.
However, in the long term, Mr. Christopher Lewis still believes that silver prices tend to increase due to the shortage of supply in the market. "However, at the present time, investor sentiment is still more influenced by energy shocks and geopolitical tensions in the Middle East" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
