Domestic silver price
As of 10:00 on May 5, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.235 - 1.273 million VND/tael (buy - sell); down 6,000 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 1.235 - 1.273 million VND/tael (buy - sell); down 6,000 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 32,933 - 33,946 million VND/kg (buy - sell); down 160,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 10:05 on 5.5 (Vietnam time), the world silver price listed on Goldprice.org was at 32.18 USD/ounce
Causes and predictions
Analyst James Hyerczyk at FX Empire commented that last week, silver prices were under a lot of pressure due to better-than-expected US employment data, rising bond yields and new uncertainties surrounding the policy of the US Federal Reserve (FED).
"The April jobs report shows that the US economy remains strong, traders have reduced expectations of a Fed rate cut soon. The US dollar has risen following this correction, reducing demand for silver from foreign investors," he said.
Regarding silver price support, the most recent milestone is the 52-week moving average at 30.82 USD/ounce, followed by levels around 30.44 and 27.78 USD. James Hyerczyk believes that buyers need to keep prices on the average road for 52 weeks to maintain the increase.
James Hyerczyk added that the possibility of the Fed cutting interest rates in June is fading, after the jobs report showed 177,000 new jobs and a stable unemployment rate of 4.2%. Higher-than-expected salary increases make concerns about prolonged inflation even more evident.
"This has caused expectations of a rate cut in June to fall sharply, causing disadvantages for silver - a non-profit asset in a high-interest-rate environment" - he commented.
In the long term, James Hyerczyk emphasized that industrial demand is still a mainstay for silver, especially in clean energy sectors such as solar cell and electric vehicle manufacturing.
"China and India will continue to increase renewable energy production. This helps to compensate for the selling pressure from financial investors" - he said.
See more news related to silver prices HERE...
