Domestic silver price
As of 9:45 a.m. on July 31, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.417 - 1.461 million VND/tael (buy - sell); down 39,000 VND/tael for buying and down 40,000 VND/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.417 - 1.461 million VND/tael (buy - sell); down 39,000 VND/tael for buying and down 40,000 VND/tael for 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 37.786 - 38.959 million VND/kg (buy - sell); down 1.040 million VND/kg for buying and down 1.067 million VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on July 31 (Vietnam time), the world silver price was listed at 37.02 USD/ounce; down 1.14 USD compared to yesterday morning.
Causes and predictions
Silver prices were pushed down sharply in yesterday's trading session (Wednesday) as the US dollar (USD) continued to strengthen - a factor that often puts pressure on this metal.
Senior market analyst Christopher Lewis said that the market is heading towards the support zone of 37.50 USD/ounce.
"If prices slide below that mark, the market could plummet further. The key is to see if this threshold changes from old resistance to solid support," said Christopher Lewis.
He said the price of 37.50 USD/ounce is a sensitive mark, many investors are closely monitoring. If prices hit and bounce, investors can try to buy, but should only buy on a small scale because after today's session, the market will fluctuate strongly when there is a policy meeting.
"If prices keep falling, the nearest target is $40 an ounce - a psychological mark that is unlikely to be overcome. When it breaks above $40 an ounce, silver prices could increase even more strongly," said Christopher Lewis.
He said that if prices actually break above $40/ounce, the market could quickly move towards $42.50/ounce - especially as major central banks such as the US Federal Reserve (FED), BoC and BoJ become more dovish.
"However, until the policy picture is clearer, the reasonable strategy is to wait for an adjustment to buy in the long-term uptrend" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
