Silver price today May 16: Domestic silver price drops sharply

Domestically, silver prices fell across the board, with the deepest decline in Phu Quy silver at the Hanoi Jewelry Group, down 36,000 VND/tael in buying and 37,000 VND/tael in selling compared to yesterday morning's trading session.

Specifically, at 6:30 a.m. on May 16, Phu Quy Gold and Gemstone Group (Hanoi) listed Phu Quy silver price at VND 1,223,000/tael (buy) and VND 1,261,000/tael (sell), down VND 36,000/tael for buy and VND 37,000/tael for sell compared to yesterday morning's trading session.

Also in Hanoi, surveying other locations, the current listed price is at 1,016,000 VND/tael (buy) and 1,046,000 VND/tael (sell), down 26,000 VND/tael in both buying and selling compared to yesterday morning's trading session.

In Ho Chi Minh City, it is currently trading at 1,018,000 VND/tael (buy) and 1,051,000 VND/tael (sell), down 27,000 VND/tael in both buying and selling compared to yesterday morning's trading session.

In the world market, the silver price listed on Goldprice.org is at 32.08 USD/ounce; down 0.66 USD compared to yesterday's trading session.

Silver prices came under heavy selling pressure on Wednesday as improving global risk sentiment and a cooling gold market dampened investor interest in the precious metal, according to FX Empire.

"Despite expectations of a 53 basis point rate cut by the Federal Reserve starting in September, silver is struggling to find support. Lower interest rates are generally beneficial for non-yielding assets like silver," said James Hyerczyk, market analyst at FX Empire.

Meanwhile, expert Jim Wyckoff at Kitco assessed that July silver futures speculators still have the advantage in the short term.

The next target for the bulls is to push silver prices above the key resistance level at $34.015/oz. On the other hand, the bears are aiming to push prices below the solid support level at $31/oz.

The first resistance level for silver is at $33/ounce, followed by $33.48/ounce. Meanwhile, the current important support levels are $32/ounce and $31.86/ounce.

Source: https://baodaknong.vn/gia-bac-hom-nay-16-5-bac-trong-nuoc-giam-sau-252683.html