Domestic silver prices
As of 9:15 am on May 6, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.828 - 2.936 million VND/tael (buying - selling); an increase of 76,000 VND/tael on the buying side and an increase of 79,000 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 the threshold of 2.838 - 2.926 million VND/tael (buying - selling); an increase of 78,000 VND/tael on the buying side and an increase of 81,000 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 75.679 - 78.026 million VND/kg (buying - selling); an increase of 2.08 million VND/kg on the buying side and an increase of 2.16 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 am on May 6 (Vietnam time), the world silver price was listed at 74.64 USD/ounce; up 1.76 USD compared to yesterday morning.
Causes and forecasts
The silver market is maintaining relative stability, despite being affected by strong fluctuations in global interest rates. However, Mr. Christopher Lewis - a precious metal expert at FX Empire - believes that the potential for price increase of this precious metal is still unclear.
In the mid-week trading session, silver prices recorded positive signals, but mainly more corrective than starting a clear upward trend. "One of the major pressure factors is the sharp increase in 10-year US government bond yields in recent weeks. This development is often disadvantageous for non-performing assets like silver," he said.
In addition, the market is also affected by geopolitical factors, especially unpredictable information related to the Middle East region. According to Mr. Lewis, this makes silver prices likely to continue to fluctuate in a narrow range, instead of forming a clear trend.
Christopher Lewis believes that silver fluctuations in the near future will largely depend on news related to policy and bond yields, especially from the US and hotspots such as the Middle East. Usually, when yields increase, silver prices tend to decrease and vice versa.
Although the possibility of stronger fluctuations can still occur if the market breaks the current accumulation zone, the main scenario is still fluctuations back and forth with a not too large amplitude" - he assessed.
In that context, Mr. Christopher Lewis believes that investors should maintain a cautious approach, carefully considering the allocation of resources and risk management, instead of focusing too much on a single option in a period when the market is still volatile and unpredictable.
See more news related to silver prices HERE...
