Domestic silver price
As of 9:40 a.m. on July 22, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.478 - 1.524 million/tael (buy - sell); an increase of VND21,000/tael for buying and an increase of VND22,000/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.478 - 1.524 million VND/tael (buy - sell); increased by 21,000 VND/tael for buying and increased by 22,000 VND/tael for 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 39.413 - 40.639 million VND/kg (buy - sell); an increase of 560,000 VND/kg for buying and an increase of 586,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:42 a.m. on July 22 (Vietnam time), the world silver price was listed at 38.8 USD/ounce; up 0.54 USD compared to yesterday morning.
Causes and predictions
Silver prices are trending up strongly as the USD, US Treasury bond yields weaken and gold prices continue to stay high.
This rally has helped silver get closer to a 14-year high of $29.13 an ounce, strengthening the uptrend as traders prepare for a risky week of policy, economic data and tax terms, said market analyst James Hyerczyk.
According to James Hyerczyk, traders in the precious metals market believe that any dovish decision from the US Federal Reserve (FED) or economic data could open up new upside opportunities. Meanwhile, gold - often leading the trend - is currently testing important resistance levels and if economic conditions remain favorable, this trend can spread to silver.
"The short-term outlook for silver remains positive, with many upside drivers. A strong breakout above 39.13 USD/ounce could pave the way to 40 USD/ounce.
If the US dollar remains weak and bond yields remain low, traders will continue to seek investment opportunities in silver. However, if the Fed makes a sudden tough move or the dollar strengthens, the risk of a price drop will appear, otherwise, buyers will still have control" - James Hyerczyk said.
See more news related to silver prices HERE...
