The world gold price has increased slightly again, but the domestic market price has continued to decrease sharply. Currently, the sharpest decrease belongs to Phu Quy silver at Phu Quy Gold and Gemstone Group (Hanoi), down 49,000 VND/tael compared to yesterday morning's trading session.
Domestic silver price today
At 5:30 a.m. on August 1, Phu Quy silver price at Phu Quy Gold and Gemstone Group ( Hanoi ) was listed at VND 1,410,000/tael (buy) and VND 1,454,000/tael (sell), down VND 48,000/tael for buying and VND 49,000/tael for selling compared to yesterday morning's trading session.
Also in Hanoi, surveying other trading locations, silver prices are currently listed at VND1,158,000/tael (buy) and VND1,191,000/tael (sell), down VND37,000/tael for buy and VND38,000/tael for sell compared to yesterday morning's trading session.
In Ho Chi Minh City, silver prices followed the same trend, currently at VND1,159,000/tael (buy) and VND1,197,000/tael (sell), down VND38,000/tael in both buying and selling compared to yesterday morning's trading session.
World silver price today
In the world market, according to giabac.net, at 06:52:20 on the morning of August 1, the spot silver price was trading at 37.317 USD/ounce, up 0.801 USD/ounce compared to yesterday morning's trading session.
World silver price is equivalent to 962,000 VND/ounce (buy) and 967,000 VND/ounce (sell), down 11,000 VND/ounce in both buy and sell compared to yesterday morning's trading session.
Silver prices were pushed down sharply during the trading session as the US dollar continued to strengthen, a factor that usually puts pressure on the metal.
Senior market analyst Christopher Lewis said the market is heading towards the support zone of $37.50/ounce.
"If prices fall below that level, the market could fall further. The key is to see if this level turns from former resistance into solid support," said Christopher Lewis.
He said that the threshold of 37.50 USD/ounce is a sensitive level, many investors are closely monitoring. If the price touches and then bounces back, investors can try to buy, but should only place small orders because after today's session, the market will fluctuate strongly when there is a policy meeting.
"If the price keeps the recovery momentum, the nearest target is $40/ounce - a psychological level that is difficult to overcome. Once it breaks $40/ounce, silver prices can increase even more strongly," said Christopher Lewis.
He said that if prices really break through $40 an ounce, the market could quickly move towards $42.50 an ounce, especially if major central banks such as the US Federal Reserve (FED), BoC and BoJ appear more dovish.
Source: https://baolamdong.vn/gia-bac-hom-nay-1-8-bac-trong-nuoc-dong-loat-giam-sau-384615.html
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