Domestic silver prices
As of 10:05 am on May 22, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,885 - 2,989 million VND/tael (buying - selling); an increase of 12,000 VND/tael on the buying side and an increase of 8,000 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 2,890 - 2,979 million VND/tael (buying - selling); an increase of 2,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 77.066 - 79.439 million VND/kg (buying - selling); an increase of 53,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 10:05 am on May 22 (Vietnam time), the world silver price was listed at 76.18 USD/ounce; down 0.17 USD compared to yesterday morning.
Causes and forecasts
Silver prices in Friday's trading session continued to fluctuate strongly as investors closely monitored interest rate movements in the US.
Mr. Christopher Lewis - precious metals expert at FX Empire - said that the silver market is currently heavily affected by interest rate policy, especially in the context of US bond yields rising again at the beginning of the trading session. This puts pressure on silver because it is a non-performing asset.
Mr. Christopher Lewis said that as long as the interest rate level remains high, silver prices will continue to face difficulties even though market demand still exceeds supply. According to him, the shortage of silver supply has actually lasted for many years but is no longer the main factor governing prices.
The market is now more focused on interest rates. As geopolitical tensions in the Middle East cool down, investors may return to the supply-demand factor and then silver prices are likely to increase sharply," he said.
Regarding long-term prospects, FX Empire experts still maintain a positive view on silver. However, he believes that the next developments of this precious metal still mainly depend on the interest rate trend in the coming time.
He also warned that if silver prices fall deeply below important support levels, the market may face more negative risks, although this scenario is not yet the main trend.
See more news related to silver prices HERE...
