Domestic silver price
As of 9:20 a.m. on July 5, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.403 - 1.446 million/tael (buy - sell); down VND6,000/tael for buying and down VND7,000/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.403 - 1.446 million VND/tael (buy - sell); down 6,000 VND/tael for buying and down 7,000 VND/tael for selling compared to early this morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 37.413 - 38.559 million VND/kg (buy - sell); down 160,000 VND/kg for buying and down 187,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:20 a.m. on July 5 (Vietnam time), the world silver price was listed at 36.89 USD/ounce; up 0.16 USD compared to yesterday morning.
Causes and predictions
The silver market is still fluctuating in a stable price zone. According to senior market analyst Christopher Lewis, the general trend of this precious metal is to increase, but prices have not been able to break out above.
"The most important resistance level is 37.50 USD/ounce. If prices do not surpass this threshold and withdraw, $35/ounce will act as the main support zone.
In the past, the $35/ounce level has attracted buying interest many times, so if prices fall here, there may be many investors hunting for opportunities," he said.
Christopher Lewis said that silver also depends heavily on the development of the USD because these two assets often fluctuate in opposite directions.
"If the US dollar weakens, silver prices are likely to rebound strongly. Conversely, when the USD increases, downward pressure will be on silver - this has been happening for many months. Currently, silver is trying to break out, but still lacks enough momentum to make a breakthrough" - Christopher Lewis commented.
Meanwhile, short-term traders still take advantage of the range, mainly buying when prices are adjusted. If investors tend to sell fake, Christopher Lewis believes it can still be considered.
"In general, the more reasonable strategy is to wait for prices to decrease and then buy, expecting the increase to continue," said Christopher Lewis.
See more news related to silver prices HERE...
