Domestic silver price
As of 9:30 a.m. on July 26, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.457 - VND1.502 million/tael (buy - sell); down VND33,000/tael for buying and down VND34,000/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.457 - 1.502 million VND/tael (buy - sell); down 33,000 VND/tael for buying and down 34,000 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 38.853 - 40.053 million VND/kg (buy - sell); down 880,000 VND/kg for buying and down 906,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:30 a.m. on July 26 (Vietnam time), the world silver price was listed at 37.96 USD/ounce; down 1.17 USD compared to yesterday morning.
Causes and predictions
Silver prices continue to fall as the market hesitates to face psychological resistance level of 40 USD/ounce - a major milestone and could boost prices strongly if broken. The support level is currently around 37.50 USD/ounce.
"The silver market has been volatile and has a backward correlation with the US dollar," said senior market analyst Christopher Lewis. When the USD increases slightly, silver is not necessarily under great pressure but is only adjusting to regain its upward momentum. Approaching the $40/ounce resistance level makes investors more cautious."
According to Christopher Lewis, silver prices remain in a long-term growth trend, despite short-term fluctuations and correction pressure near resistance zones.
"In the short term, prices may fluctuate, but in the long term, the trend is still up. Therefore, I support the buying strategy when prices are adjusted, not fake sales. If it breaks above $40 an ounce, silver could head toward $42.50 an ounce, Christopher Lewis said.
See more news related to silver prices HERE...
