Domestic silver prices
As of 9:15 am on May 26, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.897 - 3.02 million VND/tael (buying - selling), down 45,000 VND/tael on the buying side and down 46,000 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 2.902 - 2.992 million VND/tael (buying - selling), down 45,000 VND/tael on the buying side and down 46,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 77.386 - 79.786 million VND/kg (buying - selling); down 1.2 million VND/kg on the buying side and down 1.227 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on May 26 (Vietnam time), the world silver price was listed at 76.67 USD/ounce; down 1.4 USD compared to yesterday morning.
Causes and forecasts
Silver prices rose sharply in the first trading session of the week but quickly turned down, amid low market liquidity due to coinciding with the Commemoration Day holiday in the US and holidays in many European countries.
According to Mr. Christopher Lewis - precious metals expert of FX Empire, trading volume is almost "frozen", even at times the market is only operating for half a session. Therefore, investors should not pay too much attention to short-term fluctuations.
According to this expert's analysis, the 80 USD/ounce mark continues to be an important resistance zone for silver prices. The market is still facing difficulties in breaking through this threshold. If successfully surpassed, silver prices may head up to the 90 USD/ounce zone in the near future.
However, Mr. Christopher Lewis believes that the possibility of short-term downward corrections is still very high. These downward waves may create buying opportunities for investors, but go hand in hand with the risk of strong volatility due to the impact of the geopolitical situation in the Middle East.
According to him, information related to the negotiation process in this region is causing the silver market to fluctuate unpredictably. Although the US side believes that an agreement could be reached soon, the market has repeatedly expected and then disappointed, causing silver prices to quickly turn down.
Investors need to be cautious with the scale of silver holdings in the current period" - said an expert from FX Empire.
However, in the long term, he still assesses the silver outlook as quite positive. Silver prices are currently said to still fluctuate in the familiar range of 70 - 90 USD/ounce, but buying power is showing signs of increasing every time the price adjusts down.
Mr. Christopher Lewis believes that the main reason supporting silver prices lies in the supply-demand factor. Demand for silver in the global market continues to be high, while supply is not enough, creating a fundamental foundation for the long-term upward trend.
See more news related to silver prices HERE...
