Domestic silver price
As of 9:10 a.m. on April 2, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.293 - 1.333 million VND/tael (buy - sell); down 11,000 VND/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.293 - 1.333 million VND/tael (buy - sell); down 11,000 VND/tael for both buying and selling compared to early this morning.
World silver price
On the world market, as of 9:15 a.m. on February 2 (Vietnam time), the world silver price listed on Goldprice.org was at 33.82 USD/ounce; down 0.26% compared to yesterday's trading session.
Causes and predictions
Experts say that silver prices have decreased due to profit-taking and the impact of gold price decline. Kitco analyst Jim Wyckoff said that gold prices fell slightly due to profit-taking pressure from surfing speculators after gold just set a new record in the morning session on Tuesday.
Meanwhile, the recovery of US stocks has weakened the appeal of the precious metal during the day. Gold prices for June delivery are currently down 19.20 USD, down to 3,131.1 USD/ounce. Meanwhile, May silver prices also fell by $0.426 to $24.18 an ounce.
In other financial markets, the USD index increased slightly. WTI crude oil remains stable around 71.50 USD/barrel. The yield on the 10-year US government bond is currently at 4.16%.
The expert assessed that silver futures speculators will still have an advantage in the short term. On the daily chart, silver prices have been in an un continuous uptrend for the past 3 months.
The next target for buyers is to push silver prices above the important resistance level at 35.8 USD/ounce - the highest peak in October 2024. On the contrary, the sellers are aiming to pull prices below the strong support level at 33.165 USD/ounce.
The first resistance level for silver prices was at $35/ounce, followed by $35.495/ounce. Meanwhile, the current important support levels are $34/ounce and $23.5/ounce.
See more news related to silver prices HERE...
