Domestic silver price
As of 10:15 on August 16, the price of 999 silver bars at Ancarat Metallurgy Company was listed at 1.444 - 1.479 million VND/tael (buy - sell).
The price of 999 Ancarat 999 (1kg) at Ancarat Metallurgy Company is listed at 37.870 - 38.860 million VND/kg (buy - sell).
The price of 2024 Ancarat 999 (1kg) silver bars at Ancarat Metallurgy Company was listed at 38,506 - 39.440 million VND/kg (buy - sell).
At the same time, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.455 - 1,500 million VND/tael (buy - sell); an increase of 3,000 VND/tael in both directions compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.455 - 1,500 million VND/tael (buy - sell); increased by 3,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 38,799 - 39,999 million VND/kg (buy - sell); an increase of 80,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 10:15 on August 16 (Vietnam time), the world silver price was listed at 37.97 USD/ounce; up 0.02 USD compared to yesterday morning.
Causes and predictions
The silver market is still in a tug-of-war state. Expert Christopher Lewis believes that if silver prices slightly fall to $37.50/ounce and rebound, traders could take this opportunity to push prices back to that support zone, then reverse and head towards a challenge of $39/ounce.
"If it successfully breaks above $39/ounce, the scenario of prices continuing to move to $40/ounce is entirely possible. When prices exceed $40/ounce, that will open the prospect for a much stronger rally," he assessed.
In addition, special attention should be paid to the global economic situation, because silver is not only a precious metal but also an industrial metal. If economic growth slows down, industrial demand weakens, silver prices will certainly suffer an unfavorable impact.
Overall, both gold and silver are sending positive signals. These two precious metals often tend to go hand in hand and lead each other in the market and I believe that that optimism will continue to be maintained in the coming time" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
