Silver price fluctuation 28. 4: Struggle, under pressure from many factors

Domestic silver prices

As of 9:10 am on April 28, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,815 - 2,922 million VND/tael (buying - selling); down 33,000 VND/tael on the buying side and down 34,000 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 the threshold of 2.825 - 2.912 million VND/tael (buying - selling); down 33,000 VND/tael on the buying side and down 34,000 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 75.333 - 77.653 million VND/kg (buying - selling); down 880,000 VND/kg on the buying side and down 906,000 VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:15 AM on April 28 (Vietnam time), the world silver price was listed at 74.77 USD/ounce; down 1.08 USD compared to yesterday morning.

Causes and forecasts

According to analysis by precious metals expert Christopher Lewis from FX Empire, the silver market experienced strong fluctuations in the first trading session of the week, reflecting investors' cautious sentiment in the face of many important macroeconomic factors.

One of the factors being closely monitored is the yield of 10-year US Treasury bonds, which is currently fluctuating around 4.31%. This yield is considered relatively high compared to the normal diễn biến of silver prices, thereby creating certain pressure on this precious metal.

However, according to Mr. Lewis, the market is currently mainly in a "waiting" state, as investors are looking for clearer signals about the next trend.

Besides the financial factor, geopolitical tensions in the Middle East continue to be a major variable. Inconsistent statements and positions from stakeholders such as Washington, Tehran or Tel Aviv are making the prospect of negotiations faint. This contributes to the market falling into a state of stagnation, when cash flow is not ready to make large bets" - Christopher Lewis said.

However, FX Empire's expert still maintains a positive view in the medium term. He believes that the silver price surpassing the strong resistance zone is only a matter of time. The 80 USD/ounce mark is identified as an important threshold that investors will pay special attention to, because this was once an area with many fluctuations in the past.

In the trading strategy, Mr. Lewis recommends that investors can consider buying when the price adjusts in the short term, but need to control the size of positions. "If the price exceeds the 80 USD/ounce mark, the market may form a new upward momentum. Conversely, the 70 USD/ounce zone currently plays the role of a noteworthy support threshold" - Christopher Lewis analyzed.