Domestic silver price
As of 9:15 a.m. on April 18, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.247 - VND1.286 million/tael (buy - sell); an increase of VND11,000/tael for buying and an increase of VND12,000/tael for selling compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.247 - 1.286 million VND/tael (buy - sell); an increase of 11,000 VND/tael for buying and an increase of 12,000 VND/tael for selling compared to early this morning.
The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at 33.253 - 34.293 million VND/kg (buy - sell); an increase of 294,000 VND/kg for buying and an increase of 320,000 VND/kg for selling compared to early this morning.
World silver price
In the world market, as of 9:20 a.m. on April 18 (Vietnam time), the world silver price listed on Goldprice.org was at 32.48 USD/ounce.
Causes and predictions
According to FXStreet, silver prices have yet to surpass 32.50 USD/ounce as the USD is making efforts to recover from a recent bottom.
The US Dollar Index (DXY) measuring the fluctuations of the greenback against 6 major currencies is currently at 99.40 points. The USD recovered slightly thanks to positive developments in trade negotiations between the US and Japan, helping to reduce concerns about domestic economic prospects.
If the US continues to achieve positive results in negotiations with other trading partners, the USD will be better supported. At that time, concerns about a decline in the global economy, which will lead to a cooling of demand for safe-haven assets such as silver, will also cool down.
In addition, Fed Chairman Jerome Powell said in his speech at the Chicago Economic Club on Wednesday that the Fed needs more solid information about economic prospects before adjusting policy. The Fed's maintenance of a tight monetary policy is not a positive signal for non-interest-bearing assets such as silver.
However, according to FXStreet, escalating trade tensions between the US and China will help limit the sharp decline in silver prices.
See more news related to silver prices HERE...
