Domestic silver price
As of 10:20 a.m. on May 9, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.244 - VND1.282 million/tael (buy - sell); down VND18,000/tael for buying and down VND19,000/kg for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.244 - 1.282 million VND/tael (buy - sell); down 18,000 VND/tael for buying and down 19,000 VND/kg for selling compared to early this morning.
At the same time, the price of 999 (1kilo) taels at Phu Quy Jewelry Group was listed at 33.253 - 34.293 million VND/kg (buy - sell); down 400,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 10:25 a.m. on May 9 (Vietnam time), the world silver price listed on Goldprice.org was at 32.42 USD/ounce; down 0.3 USD compared to early this morning.
Causes and predictions
According to Kitco, the risk-off sentiment of investors in the general market this week increased, putting pressure on safe-haven metals such as gold and silver.
In addition, the strong increase of the US dollar index in today's session continued to be at a disadvantage for this asset group. The most recent July silver price fell by $0.151 to $22.64 an ounce.
In foreign markets, the USD index increased sharply. Nymex crude oil futures are higher and trading around $29.75 a barrel. The yield on the 10-year US Treasury note is currently around 4.35%.
Kitco analyst Jim Wyckoff said that investors who bet on July silver futures to increase are having a short-term advantage.
The next target for buyers is to push silver prices above the important resistance level of 34.015 USD/ounce. On the contrary, the sellers are aiming to pull prices below the strong support level at 31 USD/ounce.
The first resistance level for silver prices was at last week's highest level of 33.095 USD/ounce, followed by 33.48 USD/ounce. Meanwhile, the current important support levels are 32.37 USD/ounce and 32 USD/ounce.
See more news related to silver prices HERE...
