Silver price fluctuations 21.5: Rising, highest in many days

Domestic silver price

As of 10:10 on May 21, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.266 - 1.305 million VND/tael (buy - sell); an increase of 26,000 VND/tael for buying and an increase of 27,000 VND/tael for selling compared to early this morning.

The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.266 - 1.305 million VND/tael (buy - sell); an increase of 26,000 VND/tael for buying and an increase of 27,000 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 33.759 - 34.799 million VND/kg (buy - sell); an increase of 693,000 VND/kg for buying and an increase of 720,000 VND/kg for selling compared to early this morning.

World silver price

On the world market, as of 10:20 a.m. on May 21 (Vietnam time), the world silver price listed on Goldprice.org was at 33.05 USD/ounce; up 0.81 USD compared to early this morning.

Causes and predictions

According to FX Empire, silver prices increased thanks to the support of a weaker USD and gold prices continued to maintain an upward trend.

James Hyerczyk - market analyst at FX Empire - commented: "Moody's (Moody's Investors Service - one of the three largest credit rating organizations in the world) lowered US credit levels along with a sharp increase in USD selling positions, showing that investors are increasingly concerned about US financial policies. These factors have caused the USD to depreciate and lead to an increase in the prices of assets such as silver and gold."

The expert added that expectations of a rate cut by the US Federal Reserve (FED) also affect the increase of precious metals.

"The market is pricing in 54 basis points for the US Federal Reserve's (FED) interest rate cut for the remainder of the year, with expectations for the first cut in October.

Opinions from Fed officials this weekend could clarify or change current views. If they have a softer tone, the US dollar could weaken, thereby helping silver and gold prices continue to rise," Hyerczyk said.

He said that although fundamental factors continue to support, silver still needs a clear technical breakthrough to reinforce the uptrend. Traders should focus on observing as the precious metal approaches the key resistance zone.