Domestic silver price
As of 10:55 on July 23, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.496 - 1.542 million/tael (buy - sell); an increase of VND18,000/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.496 - 1.542 million VND/tael (buy - sell); an increase of 18,000 VND/tael for both buying and 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 39.893 - 41.119 million VND/kg (buy - sell); an increase of 420,000 VND/kg for buying and an increase of 480,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 10:55 a.m. on July 23 (Vietnam time), the world silver price was listed at 39.16 USD/ounce; an increase of 0.5 USD compared to yesterday morning.
Causes and predictions
Silver prices broke out strongly, surpassing last week's peak of 39.13 USD/ounce.
If it breaks through this mark, the next technical target would be near $44.00 an ounce, said market analyst James Hyerczyk. The rally was supported by a weakening US dollar and falling US Treasury yields, while gold also climbed to a 5-week high, adding to the pull for silver."
In addition, the recent speech of Federal Reserve Chairman Jerome Powell was also a big catalyst. The market rates the possibility of the FED cutting interest rates in July by about 4.7%.
"If Powell signals more softly, the USD could fall further and silver could increase more easily," said James Hyerczyk.
Meanwhile, gold approached the resistance level of 3,451.53 USD/ounce, maintaining an upward structure with a support zone of 3,331 - 3,310 USD/ounce.
"During precious metals price increases, gold often paves the way, but silver increases more strongly when the USD is weak and industrial demand is stable," said James Hyerczyk.
According to the expert, from technical signals and basic factors, silver has many opportunities to target the 44:00 USD/ounce mark.
See more news related to silver prices HERE...
