Silver prices today recorded that domestic and world silver prices continued to increase due to the weakening USD and expectations that the FED will soon cut interest rates.
Domestic market
Silver price today at Phu Quy Gold and Gemstone Group, silver price remains unchanged, listed at 1,403,000 VND/tael (buy) and 1,446,000 VND/tael (sell) in Hanoi .
In addition, according to a survey at other trading locations in Hanoi, domestic silver prices continued to increase slightly in both buying and selling directions, currently listed at VND 1,155,000/tael (buy) and VND 1,188,000/tael (sell).
In Ho Chi Minh City, silver prices are also on the rise, currently at VND1,157,000/tael (buy) and VND1,194,000/tael (sell).
World silver prices increased in both buying and selling directions, currently at 968,000 VND/ounce (buy) and 973,000 VND/ounce (sell).
World market
On the world market, silver price is listed at 36.89 USD/ounce; up 0.16 USD compared to yesterday morning.
Silver is still trading in a range, with the overall trend for the precious metal being bullish, but prices have yet to break above it, according to senior market analyst Christopher Lewis.
“The most important resistance level is $37.50/ounce. If the price fails to break above this level and retreats, $35/ounce will act as the main support zone.
In the past, the $35/ounce level has attracted buying interest many times, so if the price drops here, there will likely be many investors hunting for opportunities," he said.
Silver is also heavily dependent on the performance of the US dollar, as the two assets often move in opposite directions, said Christopher Lewis.
Source: https://baolamdong.vn/gia-bac-hom-nay-6-7-tiep-da-tang-381324.html
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