Silver price fluctuations on May 29: Shift direction

    Phương Anh |

    Silver price fluctuation May 29: Silver prices continue to fluctuate due to the impact of interest rates and geopolitical tensions.

    Domestic silver prices

    As of 9:40 am on May 29, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.869 - 2.943 million VND/tael (buying - selling), an increase of 99,000 VND/tael on the buying side and an increase of 102,000 VND/tael on the selling side compared to yesterday morning.

    The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 75,640 - 77,980 million VND/kg (buying - selling), an increase of 2.640 million VND/kg on the buying side and an increase of 2.720 million VND/kg on the selling side compared to yesterday morning.

    The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.868 - 2.972 million VND/tael (buying - selling), an increase of 102,000 VND/tael on the buying side and an increase of 105,000 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 2.877 - 2.966 million VND/tael (buying - selling), an increase of 106,000 VND/tael on the buying side and an increase of 109,000 VND/tael on the selling side compared to yesterday morning.

    Biến động giá bạc trong nước những phiên gần đây. Biểu đồ: Phương Anh
    Domestic silver price fluctuations in recent sessions. Chart: Phuong Anh

    The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 76.719 - 79.093 million VND/kg (buying - selling), an increase of 2.826 million VND/kg on the buying side and an increase of 2.907 million VND/kg on the selling side compared to yesterday morning.

    World silver price

    On the world market, as of 9:40 am on May 29 (Vietnam time), the world silver price was listed at 75.86 USD/ounce; an increase of 2.77 USD compared to yesterday morning.

    Diễn biến giá bạc thế giới những phiên gần đây. Biểu đồ: Phương Anh
    World silver price movements in recent sessions. Chart: Phuong Anh

    Causes and forecasts

    Although silver prices are showing a recovery trend, the market is still subject to many fluctuations due to the impact of interest rates and investor sentiment.

    According to Christopher Lewis - precious metals expert at FX Empire, in Thursday's trading session, silver prices once slightly decreased to around the threshold of 73 USD/ounce as bond yields increased. However, this is still considered an important price range for the market.

    According to Mr. Lewis, the more notable support threshold is around the 70 USD/ounce mark. This is a price with great psychological significance, which may become the "floor zone" of silver in the short term.

    In the opposite direction, if demand continues to improve, silver prices may head towards the threshold of 77.69 USD/ounce, even testing the 80 USD/ounce mark. However, the expert believes that this scenario will need more momentum from the bond market and more positive investment sentiment.

    Mr. Christopher Lewis assessed that the silver market is still leaning towards short-term trading due to the simultaneous impact of many economic and geopolitical factors, especially tensions in the Middle East. According to him, until the geopolitical situation is more stable, silver prices are likely to still fluctuate strongly in a wide range instead of forming a clear long-term upward trend.

    See more news related to silver prices HERE...

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