Domestic silver price
As of 9:11 a.m. on August 15, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.452 - VND1.497 million/tael (buy - sell); down VND27,000/tael for buying and down VND28,000/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.452 - 1.497 million VND/tael (buy - sell); down 27,000 VND/tael for buying and down 28,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 38,719 - 39,919 million VND/kg (buy - sell); down 720,000 VND/kg for buying and down 747,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:12 a.m. on August 15 (Vietnam time), the world silver price was listed at 37.95 USD/ounce; down 0.73 USD compared to yesterday morning.
Causes and predictions
Silver prices suddenly turned down after a short-term increase, stopped at 38.74 USD/ounce. Market analyst James Hyerczyk said that this is the nearest resistance level, while the 14-year peak of 39.53 USD/ounce (reached on July 3) is still the more important barrier to increase.
James Hyerczyk said that the US Producer Price Index (PPI) in July increased by 0.9% compared to the previous month, much higher than the forecast of 0.2% and the strongest increase since June 2022. The core PPI also rose 0.9%, pushing annual inflation to 3.3%, well above the Federal Reserve's 2% target.
"Usually, silver - which is considered an anti-inflation channel - can benefit when inflation increases. However, this figure increases the possibility of the FED delaying or limiting interest rate cuts.
Higher interest rates make silver holdings less attractive and the USD stronger, thereby creating downward pressure on precious metal prices" - the expert emphasized.
According to James Hyerczyk, if the Fed maintains a tough stance in upcoming statements, silver prices will likely face further downward pressure. Conversely, dovish signals could rekindle buying in the market.
See more news related to silver prices HERE...
