Domestic silver price
As of 9:00 a.m. on May 8, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND 1.262 - 1.301 million/tael (buy - sell); an increase of VND 1,000/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 1.262 - 1.301 million VND/tael (buy - sell); an increase of 1,000 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 33.653 - 34.693 million VND/kg (buy - sell); an increase of 27,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:05 a.m. on May 8 (Vietnam time), the world silver price listed on Goldprice.org was at 32.72 USD/ounce; down 0.21 USD compared to early this morning.
Causes and predictions
According to Kitco, silver prices decreased in the last trading session due to investors taking profits after the increase at the beginning of the week and risk-off sentiment improving somewhat.
After a two-day meeting, the Federal Open Market Committee (FOMC) has just announced that it will keep the US monetary policy unchanged, as the market predicted. The FOMC statement said that the US economy continues to grow steadily, but risks of inflation and unemployment are increasing. At the same time, FOMC members also found that the current US economic outlook has many more uncertainties than before.
Kitco analyst Jim Wyckoff said that traders are currently waiting for the press conference of Fed Chairman Jerome Powell, which is expected to be closely monitored to find a signal on the direction of monetary policy in the coming time.
"Comments about inflationary pressures, as well as the Fed's view on taxes and global trade, will be of great interest to the market," he said.
Expert Jim Wyckoff assessed that July silver futures speculators still have a short-term advantage.
The next target for buyers is to push silver prices above the important resistance level at 34.015 USD/ounce. On the contrary, the sellers are aiming to pull prices below the solid support level at 31 USD/ounce.
The first resistance level for silver prices was at 33.48 USD/ounce, followed by 34.015 USD/ounce. Meanwhile, the current important support levels are 32.725 USD/ounce and 32.5 USD/ounce.
See more news related to silver prices HERE...
