Domestic silver price
As of 9:10 a.m. on May 23, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1,270 - 1,309 million VND/tael (buy - sell); down 14,000 VND/tael for buying and down 15,000 VND/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1,270 - 1.309 million VND/tael (buy - sell); down 14,000 VND/tael for buying and down 15,000 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 33.866 - 34.906 million VND/kg (buy - sell); down 373,000 VND/kg for buying and down 400,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:12 a.m. on May 23 (Vietnam time), the world silver price listed on Goldprice.org was at 33.12 USD/ounce; down 0.43 USD compared to early this morning.
Causes and predictions
According to FX Empire, silver prices were pressured and fell after approaching the April peak at 33.70 USD/ounce.
A stronger US dollar and rising Treasury yields have put pressure on gold and silver, said James Hyerczyk, a market analyst at FX Empire.
The yield on the 30-year bond reached 5.14%, the highest since October 2023, and the yield on the 10-year term increased to 4.62%. Rising yields make holding silver and gold more expensive. This has put the two precious metals under downward pressure."
The expert added that silver is also affected by profit-taking by investors. This has since reduced the precious metal's recent rally.
"Although industrial demand still supports the long-term uptrend, the fact that prices have not maintained their recent highs shows that buyer confidence is weakening," he assessed.
James Hyerczyk said that although the general trend is still positive, silver has not been able to increase beyond the resistance level.
"Traders should focus on monitoring technical indicators and outside market signals to orient the silver's next steps," James Hyerczyk emphasized.
See more news related to silver prices HERE...
