Domestic silver prices
As of 9:40 am on April 30, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.744 - 2.849 million VND/tael (buying - selling); down 38,000 VND/tael on the buying side and down 39,000 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 2.754 - 2.839 million VND/tael (buying - selling); down 38,000 VND/tael on the buying side and down 39,000 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 73.439 - 75.706 million VND/kg (buying - selling); down 1.014 million VND/kg on the buying side and down 1.040 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:45 am on April 30 (Vietnam time), the world silver price was listed at 72.48 USD/ounce; down 1.2 USD compared to yesterday morning.
Causes and forecasts
Silver prices are currently under a lot of pressure as interest rates in the US continue to rise. In addition, the market has not yet escaped concerns about energy inflation, making silver a potentially risky asset at this time.
According to precious metals expert Christopher Lewis from FX Empire, in the mid-week trading session, silver prices once increased slightly at the beginning of the session but quickly lost momentum, showing investors' hesitation.
One of the main factors putting pressure is the high interest rate level in the US. Traders are currently monitoring whether silver prices may fall to the 70 USD/ounce mark. If this level is broken, the market may have short selling opportunities, with the possibility of prices continuing to fall deeply," he said.
In addition, Christopher Lewis believes that the continued rise in 10-year US government bond yields is also detrimental to silver, because this is an asset that does not yield yields.
In the opposite direction, the expert predicted that the price zone around 77.16 USD/ounce is playing the role of a near resistance level, followed by the 80 USD/ounce mark. However, in general, the silver market is forecast to continue to fluctuate strongly and face many challenges in the coming time.
Experts recommend that investors prepare for major fluctuations.
The trend of silver prices in the short term is likely to depend on the developments of the bond market - which is being affected by geopolitical instability in the Middle East and concerns about energy inflation.
In that context, the outlook for silver remains quite bleak and vulnerable, especially if interest rates continue to remain high," Christopher Lewis noted.
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