Domestic silver prices
As of 12:50 PM on August 16, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.283 - 2.342 million VND/tael (buying - selling); an increase of 131,000 VND/tael on the buying side and an increase of 135,000 VND/tael on the selling side compared to a month ago.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 60.094 - 61.954 million VND/kg (buying - selling); an increase of 3.49 million VND/kg on the buying side and an increase of 3.6 million VND/kg on the selling side compared to a month ago.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.289 - 2.365 million VND/tael (buying - selling); an increase of 139,000 VND/tael on the buying side and an increase of 143,000 VND/tael on the selling side compared to a month ago.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.294 - 2.365 million VND/tael (buying - selling); an increase of 139,000 VND/tael on the buying side and an increase of 143,000 VND/tael on the selling side compared to a month ago.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 61.173 - 63.066 million VND/kg (buying - selling); an increase of 3.707 million VND/kg on the buying side and an increase of 3.813 million VND/kg on the selling side compared to a month ago.
World silver price
On the world market, as of 12:50 PM on August 16 (Vietnam time), the world silver price was listed at 64.54 USD/ounce; an increase of 7.52 USD/ounce compared to a month ago.
Causes and forecasts
Silver prices are receiving many supporting factors as expectations that the US Federal Reserve (Fed) will keep interest rates unchanged in September increase. However, the strong USD and profit-taking pressure are still limiting the upward momentum of the precious metal.
Spot silver prices at one point rose to $66.80/ounce at the beginning of the week. According to precious metals analyst James Hyerczyk, the upward momentum came from the negative US jobs report and two lower-than-forecast inflation figures, reducing expectations that the Fed will raise interest rates in September.
However, silver prices then turned down. According to Mr. James Hyerczyk, this is a noteworthy development because factors that usually support silver prices all appear.
The consumer price index (CPI) shows that inflation is controlled, while the producer price index (PPI) is even lower than forecast. US Treasury bond yields also fell, thereby strengthening expectations that the Fed may maintain its current monetary policy in September.
However, these factors are not enough to maintain buying power in the silver market. The USD remains high, making silver prices more expensive for investors holding other currencies. In addition, the market tends to take profits when prices increase instead of continuing to chase buying.
According to technical analysis, the main trend of silver prices on the daily chart is still upward. The price exceeding the threshold of 66.80 USD/ounce may strengthen the upward momentum and open up the possibility of moving towards the 200-day moving average at 71.51 USD/ounce.
Conversely, if silver prices continue to weaken, the noteworthy support level is at the 50-day moving average, at 61.35 USD/ounce. If this level is broken, the price may retreat to the 60.835 USD/ounce range, equivalent to 50% of the highest price range of all time.
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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