Silver price fluctuations 30.5: All increased

Domestic silver price

As of 9:00 a.m. on May 30, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1,270 - 1,309 million VND/tael (buy - sell); an increase of 9,000 VND/tael for both buying and selling compared to early this morning.

The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1,270 - 1.309 million VND/tael (buy - sell); an increase of 9,000 VND/tael for both buying and selling compared to early this morning.

At the same time, the price of 999 (1kilo) taels of silver at Phu Quy Jewelry Group was listed at 33.866 - 34.906 million VND/kg (buy - sell); an increase of 240,000 VND/kg in both buying and selling directions compared to early this morning.

World silver price

On the world market, as of 9:10 a.m. on May 30 (Vietnam time), the world silver price listed on Goldprice.org was at 33.14 USD/ounce.

Causes and predictions

According to FX Empire, silver prices have recovered strongly thanks to the increase in world gold prices and supported by a new ruling from the US court. The ruling blocked Donald Trump's controversial tax plan, raising expectations that global trade will improve.

This is especially important for industrial metals such as silver, because as trade tensions ease, demand from international markets can increase again.

The decision to block the tariff also raises expectations of a smoother global trade, boosting demand for silver in industry a sector that accounts for more than half of total global silver consumption, including industries such as electronics, ph ph Electricity and automobiles, said James Hyerczyk, a market analyst at FX Empire.

In addition, in the context of the USD being vulnerable to legal developments and policy instability, silver is considered to have a good position to break out in the short term".

James Hyerczyk added that if the US dollar continues to weaken and the market maintains technical support around 32.70 USD/ounce, silver prices could well surpass 34.87 USD/ounce in the near term.

"Investors should closely monitor the 33.70 USD/ounce mark - the threshold confirming the new upward trend of the silver market" - James Hyerczyk emphasized.