Domestic silver price
As of 10:55 on July 16, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.445 - 1.490 million VND/tael (buy - sell); down 8,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.445 - 1.490 million VND/tael (buy - sell); down 8,000 VND/tael for both buying and selling compared to yesterday morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 38,533 - 39,733 million VND/kg (buy - sell); down 213,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:56 a.m. on July 16 (Vietnam time), the world silver price was listed at 37.84 USD/ounce.
Causes and predictions
Silver prices fell in the midweek trading session after reaching a 14-year high in the previous session. This decrease is considered a technical adjustment due to profit-taking, instead of changing trends.
Gold also fell slightly along with other precious metals, as inflation data did not create a positive breakthrough and trade tensions increased, said market analyst James Hyerczyk.
In addition to the uncertainty, the Trump administration is considering the possibility of removing the Chairman of the US Federal Reserve (FED), although no specific action has been taken. This could increase market volatility and boost demand for safe-haven assets such as gold and silver.
The expert added that despite the stronger US dollar and weak interest rate cut expectations putting pressure on precious metal prices, trade tensions between the US, Europe and Mexico continue to play a supporting role.
" President Donald Trump's threat to impose a tariffs of up to 30% on imports has helped maintain the safe-haven role of gold and silver," he said.
If the US dollar continues to be strong and expectations of Fed rate easing continue to decrease, gold and silver prices may be under further pressure. Conversely, if there are surprises from data or escalating trade tensions, the price increase will be reignited.
See more news related to silver prices HERE...
