Domestic silver prices
As of 10:15 am on August 12, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.333 - 2.410 million VND/tael (buying - selling); down 2,000 VND/tael in both buying and selling directions 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 2.338 - 2.410 million VND/tael (buying - selling); down 2,000 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 62.346 - 64.266 million VND/kg (buying - selling); down 53,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on August 12 (Vietnam time), the world silver price was listed at 64.89 USD/ounce; down 1.31 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are facing an important moment as the market is waiting for the US consumer price index (CPI) report. The developments of inflation data may determine whether silver prices continue to recover or turn down.
According to precious metals analyst James Hyerczyk, silver prices rose sharply last week, mainly thanks to expectations of interest rate changes after negative US jobs data. However, the upward momentum is facing obstacles as the price approaches the 52-week moving average at around 65.53 USD/ounce.
According to James Hyerczyk, this is an important area for the silver price trend in the short term. If the price surpasses and maintains above this level, buying power may be strengthened, opening up the possibility of moving towards the resistance zone of 74.63 USD/ounce.
Conversely, if it cannot surpass the 52-week moving average, silver prices are at risk of returning to the long-term support zone of 60.83 USD/ounce. This is the price at which buying power once appeared and may continue to play a supporting role if the market adjusts.
James Hyerczyk believes that US CPI will be an important catalyst for silver prices. If inflation is lower than expected, expectations about the possibility of the US Federal Reserve (Fed) reducing interest rates may increase, creating more room for silver prices to recover.
Conversely, a high CPI report may cause expectations of the Fed maintaining high interest rates to return. At that time, bond yields and the USD may increase, putting pressure on silver prices.
In addition, oil prices are also a factor to monitor. Rising oil prices may increase inflationary pressure, thereby reducing market expectations of monetary policy easing and adversely affecting interest-sensitive assets such as silver.
According to experts, the 65.53 USD/ounce mark is the deciding threshold for silver's direction. A clear breakthrough through this zone could pave the way for the price to reach 74.63 USD/ounce, while failure could cause the price to return to test the support zone of 60.83 USD/ounce.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
See more news related to silver prices HERE...
