Silver price today May 20: Still maintaining a downward trend

Domestic silver price

At 5:30 a.m. on May 20, Phu Quy Gold and Gemstone Group ( Hanoi ) listed the price of Phu Quy silver at VND 1,244,000/tael (buy) and VND 1,282,000/tael (sell), an increase of VND 3,000/tael for both buying and selling compared to the trading session yesterday morning.

Also in Hanoi, according to a survey at other trading locations, domestic silver prices remained unchanged in both buying and selling directions, currently listed at VND1,036,000/tael (buy) and VND1,066,000/tael (sell), an increase of VND10,000/tael in both buying and selling directions compared to yesterday morning's trading session.

In Ho Chi Minh City, silver prices remained unchanged, currently at VND1,038,000/tael (buy) and VND1,071,000/tael (sell), up VND10,000/tael for buying and VND9,000/tael for selling compared to yesterday morning's trading session.

World silver price

In the world market, according to giabac.net, at 06:02:58 on the morning of May 20, the spot silver price was trading at 32.352 USD/ounce, down from 32.49 USD/ounce in yesterday morning's trading session.

Previously, the silver price listed on Goldprice.org was at 32.41 USD/ounce, a slight recovery compared to 32.27 USD/ounce in yesterday's trading session.

The world silver price is currently at 840 for buying and 845,000 VND/ounce for selling, down 2,000 VND/ounce compared to yesterday morning's trading session.

Silver prices recovered slightly in the morning session, then immediately turned down, in line with James Hyerczyk - market analyst at FX Empire: silver is still weakening in parallel with gold, in the context that this precious metal is under profit-taking pressure after reaching a record high in April.

"Although the gold-silver ratio has started to correct, silver is still weighed down by macro factors and market sentiment is gradually becoming more unfavorable for the precious metals group," he said.

A stronger US dollar continues to be the main factor driving silver lower, said James Hyerczyk. As the greenback enters its fourth consecutive week of gains, the appeal of dollar-denominated assets such as silver is waning, especially amid improving global risk sentiment.

Silver entered the new week with a downward trend, due to weakening safe-haven demand and unclear expectations of a rate cut by the US Federal Reserve, the expert added./.

Source: https://baodaknong.vn/gia-bac-hom-nay-20-5-van-giu-xu-huong-giam-253063.html