Domestic silver price
As of 9:25 a.m. on April 29, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.274 - 1.313 million/tael (buy - sell); an increase of VND7,000/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 1.274 - 1.313 million VND/tael (buy - sell); an increase of 7,000 VND/tael for both buying and selling compared to early this morning.
The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at 33.973 - 35.013 million VND/kg (buy - sell); an increase of 187,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:30 a.m. on April 29 (Vietnam time), the world silver price listed on Goldprice.org was at 33.2 USD/ounce; up 0.51 USD compared to early this morning.
Causes and predictions
According to Kitco, concerns about the global economy cooling down continue to reduce safe-haven demand for precious metals, but a research firm believes that this change in market sentiment could open up new momentum for silver.
While gold prices have skyrocketed this year, setting a new record of $3,500/ounce last week, silver prices have fallen quite far. The gold/ silwer ratio is currently at a high level of about 100 points.
Gold has outperformed silver as investors seek to deal with unpredictable trade policies of US President Donald Trump, preventing economic and geopolitical risks.
In contrast, more than half of the global silver demand comes from the industrial sector, which is affected by global trade uncertainty.
Although silver is still trying to hold around $33/ounce, Matt Bau - commodity strategist at Ned Davis Research - commented: "Cold is currently in a state of overselling compared to gold and is also being sold slightly oversold if considered in the medium term range".
The expert said that according to the NDR market sentiment index, sentiment towards silver fell to its lowest level in more than 10 years earlier this month.
"Currently, the mentality has begun to recover, but has not returned to neutral status. If it reaches neutral, silver prices could continue to increase.
While the sentiment towards silver is low, the sentiment towards gold is so high that it cannot increase further. The gap between these two psychological indicators has only expanded a few times in history," he said.
Although global trade tensions have had negative impacts on the economy, Bau believes that the highest level of instability today could give silver an advantage.
"However, as both a precious metal and an industrial metal, silver will benefit more if economic policies return to normal, strengthening confidence in growth," Matt Bau assessed.
See more news related to silver prices HERE...
