Silver price fluctuations 13. 8: Domestic decline, world surge

Domestic silver prices

As of 9:15 am on August 13, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.296 - 2.355 million VND/tael (buying - selling); down 24,000 VND/tael on the buying side and down 24,000 VND/tael on the selling side compared to yesterday morning.

The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at the threshold of 60.430 - 62.300 million VND/kg (buying - selling); down 620,000 VND/kg on the buying side and down 640,000 VND/kg on the selling side compared to yesterday morning.

The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.302 - 2.378 million VND/tael (buying - selling); down 31,000 VND/tael on the buying side and down 32,000 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 2.307 - 2.378 million VND/tael (buying - selling); down 31,000 VND/tael on the buying side and down 32,000 VND/tael on the selling side compared to yesterday morning.

The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 61.519 - 63.413 million VND/kg (buying - selling); down 827,000 VND/kg on the buying side and down 853,000 VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:15 am on August 13 (Vietnam time), the world silver price was listed at 65.57 USD/ounce; an increase of 0.68 USD/ounce compared to yesterday morning.

Causes and forecasts

Gold and silver prices increased as bond yields fell and July inflation data matched forecasts. This development helped the market continue to maintain expectations about the possibility of the US Federal Reserve (Fed) reducing interest rates.

The US July CPI report showed that the consumer price index increased by 0.1% compared to the previous month and increased by 3.4% compared to the same period last year.

These figures are generally consistent with market forecasts. According to the Kitco analysis group, the data is not strong enough to immediately make the Fed lean towards the possibility of raising interest rates in September. However, inflation is still higher than the target and the market has not completely eliminated the possibility of monetary policy further tightening.

The market's probability of forecasting the Fed to raise interest rates by 25 basis points in September is currently nearly 48%. Meanwhile, the yield of 10-year US Treasury bonds has decreased compared to the recent high, and the USD has weakened. These are factors that are supporting gold and silver prices.

According to Kitco, developments in the Strait of Hormuz continue to affect the oil market, inflation expectations and demand for safe-haven assets such as gold.

Brent oil prices are currently around 89 USD/barrel, while US crude oil is near 84 USD/barrel. Oil prices remain at a high level, causing fuel costs to increase and continue to put pressure on inflation prospects.

According to the Kitco analysis group, CPI data is in line with expectations, along with a decrease in bond yields and a weakening USD, creating a more favorable environment for precious metals. However, high oil prices and the possibility of the Fed maintaining a cautious monetary policy are still factors that may cause gold and silver prices to fluctuate sharply in the near future.

Kitco experts believe that the USD 66.495/ounce mark is an important threshold for the diễn biến of silver prices.

If buyers raise prices above and maintain above 66.495 USD/ounce, the next target may be 71.38 USD/ounce. This is considered a noteworthy resistance zone in the short term.

In the opposite direction, if the silver price falls below 64 USD/ounce, selling pressure may increase. At that time, the next support levels are determined at 63.11 USD/ounce and 61.16 USD/ounce.