Domestic silver price
As of 9:05 a.m. on April 19, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.247 - 1.286 million/tael (buy - sell); unchanged in both buying and selling directions 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); unchanged in both buying and selling directions 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); unchanged in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:10 a.m. on April 19 (Vietnam time), the world silver price listed on Goldprice.org was at 32.4 USD/ounce.
Causes and predictions
According to Kitco, silver prices fell in the last trading session, with the May contract falling by 0.435 USD (1.33%) to 32.54 USD/ounce.
Despite a period of adjustment, silver - a precious metal with many industrial applications - has recorded an increase in the last 9 sessions. Since April 7, when it opened at 29.23 USD/ounce, silver prices have increased by more than 10%.
According to Jim Wyckoff - senior analyst at Kitco, gold and silver prices both fell due to profit-taking pressure from short-term investors before the 3-day holiday. This has weakened both metals.
Gary Wagner, a commodity broker and market analyst, said that silver is clearly doing better than gold. This has caused the gold- silver ratio to increase from 99.24 on April 7 to 102.151 at present - a ratio not seen since mid-May 2020.
"The reason for the decline in this precious metal is the cautious optimism surrounding the current trade negotiations between the US and Japan," said Gary Wagner.
However, this optimism was dried up by statements from Federal Reserve Chairman Jerome Powell saying that the US central bank will be cautious when cutting interest rates.
Economic data to watch next week:
Wednesday: Preliminary manufacturing and service PMI, new home sales in the US
Thursday: long-term goods orders, weekly jobless claims, existing home sales in the US
See more news related to silver prices HERE...
