Domestic silver price
As of 10:10 on July 8, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.400 - 1.443 million/tael (buy - sell); an increase of VND3,000/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 1,400 - 1.443 million VND/tael (buy - sell); an increase of 3,000 VND/tael for both buying and 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 37.333 - 38.479 million VND/kg (buy - sell); an increase of 80,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 10:12 on July 8 (Vietnam time), the world silver price was listed at 36.81 USD/ounce; up 0.09 USD compared to yesterday morning.
Causes and predictions
Silver is currently trading around important support levels in the context of the entire precious metals market under pressure from the stronger USD and concerns about the policies of the US Federal Reserve (FED).
The retreat from a nearly 13-year high shows profit-taking pressure similar to a decline in gold, as investors reassess pre-taxable pre-ure-ure pre-ure-ure-ure-line pre-ure-ure-line pre-ure-ure-line metals and the Feds policy clarity, said market analyst James Hyerczyk.
Traders are technically waiting for silver prices to fall before turning back on buying, according to James Hyerczyk.
"Although the mid-term uptrend remains strong, the failure to surpass the 13-year high shows that buying power has weakened at the current price range," he said.
Meanwhile, the tariff policy that Mr. Trump could apply from August 1, along with the possibility of imposing fines of up to 10% on BRICS countries, is further creating instability, reducing the attractiveness of the precious metal.
"If silver prices fall below below 36.30 USD/ounce, the decline could continue to the 35.40 - 34.87 USD/ounce range. However, this could be an attractive price zone for investors to buy in because the medium-term trend is still considered positive" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
