Domestic silver price
As of 10:00 on May 6, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.255 - 1.294 million VND/tael (buy - sell); an increase of 20,000 VND/tael for buying and an increase of 21,000 VND/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.255 - 1.294 million VND/tael (buy - sell); an increase of 20,000 VND/tael for buying and an increase of 21,000 VND/tael for 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 33.466 - 34.506 million VND/kg (buy - sell); increased by 533,000 VND/kg for buying and increased by 560,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 10:05 a.m. on September 6 (Vietnam time), the world silver price listed on Goldprice.org was at 32.98 USD/ounce; up 0.8 USD compared to early this morning.
Causes and predictions
According to analyst Vladimir Zernov at FX Empire, silver prices increased as traders focused on the strong performance of the gold market. However, he said, there is no clear sign that silver will outperform gold.
"The gold- silver ratio has risen to 102.50, so it is unclear whether silver can achieve sustainable gains," he noted.
Silver prices are trying to hold above the key resistance level of 32.50 USD/ounce. "On Monday afternoon, silver was trading at 32.473 USD/ounce, up 1.44% in the session - meaning it was still very close to this threshold," he said.
In the long term, analyst James Hyerczyk at FX Empire emphasized that industrial demand is still a pillar for silver, especially in clean energy sectors such as solar panels and electric vehicles.
"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...
