Domestic silver prices
As of 9:45 am on August 10, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,270 - 2,345 million VND/tael (buying - selling); down 26,000 VND/tael on the buying side and down 27,000 VND/tael on the selling side compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.275 - 2.345 million VND/tael (buying - selling); down 26,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 60.666 - 62.533 million VND/kg (buying - selling); down 693,000 VND/kg on the buying side and down 720,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:35 am on August 10 (Vietnam time), the world silver price was listed at 63.38 USD/ounce; down 0.06 USD/ounce compared to yesterday morning.
Causes and forecasts
Despite the weakening USD, expectations of the Fed reducing the possibility of raising interest rates in September and positive signals from US manufacturing, silver prices are still under downward pressure in today's session. Inflation and oil prices continue to be noteworthy factors for the silver market in the coming time.
According to currency and precious metals analyst Muhammad Umair, the long-term outlook for silver remains positive as the price remains above 30 USD/ounce. However, silver needs to surpass the 90 USD/ounce mark to complete the adjustment phase and move towards new record highs.
In the July meeting, the Fed kept the policy interest rate unchanged in the range of 3.50-3.75%. However, the recent negative US jobs data has caused expectations of the Fed raising interest rates in September to fall. The market's reduction in expectations of a new wave of interest rate hikes is seen as a factor supporting silver prices.
Besides, the weakening USD also creates more momentum for precious metals. A weak USD often makes silver prices more attractive to investors holding other currencies," said Muhammad Umair.
US inflation developments in the coming time will be an important factor for silver prices.
The market currently forecasts that total inflation may fall to 3.4%, while core inflation will fall to 2.5%. If actual data is lower than forecast, the possibility of the Fed raising interest rates may continue to decrease, thereby creating favorable conditions for silver prices. Conversely, higher inflation than expected may push yields up and put pressure on precious metals.
The expert added that silver is widely used in electrical appliances, electric vehicles, energy infrastructure and the electronics industry. Therefore, increased production and new orders may lead to increased demand for silver.
According to expert Muhammad Umair, the weakening USD and the possibility of the Fed reducing interest rate hike expectations in September are creating favorable conditions for silver prices. Positive manufacturing activity in the US is also contributing to improving the outlook for industrial demand for this metal.
In the near future, inflation data will be a factor to monitor. Lower inflation and reduced real yields may create more momentum for silver prices. Meanwhile, energy prices rebounding may make the Fed more cautious and limit the upward momentum of precious metals.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
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