Domestic silver prices
As of 12:50 PM on August 17th, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.315 - 2.374 million VND/tael (buying - selling); an increase of 32,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 60.926 - 62.806 million VND/kg (buying - selling); an increase of 832,000 VND/kg in both buying and selling directions compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.325 - 2.402 million VND/tael (buying - selling); an increase of 36,000 VND/tael on the buying side and an increase of 37,000 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 2,330 - 2,402 million VND/tael (buying - selling); an increase of 36,000 VND/tael on the buying side and an increase of 37,000 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 62.133 - 64.053 million VND/kg (buying - selling); an increase of 960,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 12:50 PM on August 17 (Vietnam time), the world silver price was listed at 65.74 USD/ounce; an increase of 1.20 USD/ounce compared to yesterday morning.
Causes and forecasts
Gold and silver prices are receiving support from the weakening USD, falling US Treasury bond yields and expectations that the US Federal Reserve (Fed) will cut interest rates.
In the first Asian trading session of the week, gold prices rose to 4,395 USD/ounce. The upward momentum was boosted after US retail sales in July fell 0.6%, much lower than the forecast increase of 0.1%.
This figure shows that US consumer purchasing power is weakening, while putting pressure on the USD and Treasury bond yields. These are factors that often create favorable conditions for precious metals such as gold and silver.
According to currency and precious metals analyst Muhammad Umair, weaker USD and lower interest rate expectations also create momentum for silver prices. However, silver has a different characteristic from gold when industrial demand plays an important role in prices.
The sharp drop in US retail sales shows that consumer activity is slowing down. This may increase concerns about economic prospects and industrial demand, thereby limiting the increase in silver.
However, technical developments are still positive. Spot silver price is maintaining above the 64 USD/ounce support zone after surpassing an important resistance level. If this support zone is maintained, silver price may head towards the 72 USD/ounce mark in the short term.
Conversely, if the price falls below 64 USD/ounce, selling pressure may increase and silver may retreat to the 60 USD/ounce zone.
According to Muhammad Umair's assessment, gold and silver are still supported by a weak USD, a decrease in US Treasury bond yields and expectations that the Fed will cut interest rates.
Meanwhile, silver needs to stay above 64 USD/ounce and surpass the resistance zone of 70-72 USD/ounce to continue the upward trend. However, weaker consumer outlook in the US may become a drag on silver because this metal is closely related to industrial demand.
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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