Domestic silver prices
As of 9:00 am on May 30, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.846 - 2.949 million VND/tael (buying - selling), down 22,000 VND/tael on the buying side and down 23,000 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 2,851 - 2.939 million VND/tael (buying - selling), down 26,000 VND/tael on the buying side and down 27,000 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 76.026 - 78.373 million VND/kg (buying - selling), down 693,000 VND/kg on the buying side and down 720,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:00 AM on May 30 (Vietnam time), the world silver price was listed at 75.15 USD/ounce; down 0.71 USD compared to yesterday morning.
Causes and forecasts
Silver prices have just experienced a volatile trading week in the context of the market continuously adjusting interest rate expectations. According to Christopher Lewis - a precious metal expert at FX Empire, this factor is making silver trading more unpredictable, although the long-term outlook for this precious metal is still supported by relatively stable supply.
Currently, silver prices continue to fluctuate in the range of 70 - 80 USD/ounce, reflecting the market's stalemate. This is considered a balanced price range, as both buying and selling forces are not strong enough to create a clear trend," he said.
In case silver prices fall below the support level of 70 USD/ounce, the market may face deeper correction pressure, heading towards the 64.28 USD/ounce zone. Conversely, if it surpasses the 80 USD/ounce resistance level, silver prices are likely to move to the 90 USD/ounce zone. However, Mr. Christopher Lewis believes that this high price zone still contains many strong fluctuations.
Christopher Lewis said that one of the factors that the market is particularly interested in today is interest rate developments. Although interest rates have decreased in recent weeks, the general level of interest rates is still relatively high and has a significant impact on the trend of silver prices in the coming time.
In addition to interest rates, silver prices are also affected by investors' risk-taking psychology as well as the diễn biến of the USD. These factors are forecast to continue to dominate market trends in the short term.
The expert believes that silver still has the potential to increase in price in the near future. "However, interest rate fluctuations are forecast to continue to significantly affect the trend of this precious metal" - Christopher Lewis assessed.
See more news related to silver prices HERE...
