Domestic silver price
As of 9:45 a.m. on July 29, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.453 - 1.498 million/tael (buy - sell); down VND4,000/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.453 - 1.498 million VND/tael (buy - sell); down 4,000 VND/tael for both buying and 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 38,746 - 39,946 million VND/kg (buy - sell); down 107,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on July 29 (Vietnam time), the world silver price was listed at 38.27 USD/ounce; down 0.14 USD compared to yesterday morning.
Causes and predictions
The silver market continues to struggle after last week's plunge. Previously, the United States and the European Union had reached a trade agreement. This deal strengthens the US dollar (USD) - often at a disadvantage for silver.
However, senior market analyst Christopher Lewis believes that demand for silver in the industrial sector is still likely to increase; therefore, he believes that the upward trend of silver prices is not over.
"The core support zone is currently around $17.50 an ounce. If the price hits and bounces, it is a good buying opportunity. Conversely, prices may not fall sharply and continue to move up. The target above is still the $40/ounce zone - a large psychological level that we have approached many times but have not overcome" - Christopher Lewis said.
The expert added that the $40/ounce mark is a round number, with strong psychological significance. If prices can overcome, the increase can explode, but this is not easy to achieve.
"It is understandable that silver prices are fluctuating erratically at the moment: since the bottom of April, this metal has increased too much. In particular, recently, the thin trading volume has caused strong fluctuations in prices.
Personally, I still choose to buy when prices go down because the overall trend is increasing, there is no reason to swim back in the water - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
