Domestic silver prices
As of 9:15 am on May 28, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.766 - 2.867 million VND/tael (buying - selling), down 140,000 VND/tael on the buying side and down 140,000 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 2.771 - 2.857 million VND/tael (buying - selling), down 134,000 VND/tael on the buying side and down 138,000 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 73.893 - 76.186 million VND/kg (buying - selling), down 3.573 million VND/kg on the buying side and down 3.680 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 28 (Vietnam time), the world silver price was listed at 73.09 USD/ounce; down 3.78 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to face pressure in the trading session on Wednesday as investors closely monitored interest rate movements and risk-taking sentiment in the financial market. In addition, information related to tensions in the Middle East is also significantly impacting silver price movements.
According to Christopher Lewis - precious metals expert at FX Empire, the silver market is still in a state of strong volatility and unpredictable. In case the silver price exceeds the 80 USD/ounce mark, this can be seen as a signal that market sentiment is changing significantly. At that time, the silver price is likely to head towards the 90 USD/ounce zone - a level that appeared a few weeks ago.
In the opposite direction, if the price decreases, the 70 USD/ounce zone continues to be assessed as an important support level.
According to experts from FX Empire, the silver market is currently heavily affected by the Middle East situation, especially the risk of increased energy inflation and the ability of central banks to maintain tight monetary policy for a longer time.
In general, this is still a market with a sideways and volatile trend. Silver prices are likely to fluctuate in the range of 70 - 80 USD/ounce in the short term, creating short-term trading opportunities for investors" - Mr. Christopher Lewis said.
See more news related to silver prices HERE...
