Domestic silver prices
As of 9:15 am on August 1st, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed at the threshold of 2.129 - 2.184 million VND/tael (buying - selling); down 27,000 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 the threshold of 56,010 - 57,740 million VND/kg (buying - selling); down 700,000 VND/kg on the buying side and down 720,000 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 2,130 - 2,201 million VND/tael (buying - selling); down 27,000 VND/tael on the buying side and down 28,000 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 2.135 - 2.201 million VND/tael (buying - selling); down 27,000 VND/tael on the buying side and down 28,000 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 56.933 - 58.693 million VND/kg (buying - selling); down 720,000 VND/kg on the buying side and down 746,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 1 (Vietnam time), the world silver price was listed at 57.41 USD/ounce; down 0.93 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are weakening slightly after failing to maintain above the 60 USD/ounce mark. The market continues to fluctuate strongly right below this threshold, showing investors' cautious sentiment and not yet forming a clear trend.
According to precious metals analyst Christopher Lewis, silver prices are still likely to recover as selling pressure is not strong enough to push prices down deeply. However, the upward outlook is still under pressure from the high interest rate environment in the US. The expert believes that high interest rates often reduce the attractiveness of non-performing assets such as silver, and this is a factor that has put pressure on the market for many months.
In addition, geopolitical instability in the Middle East continues to make market sentiment more cautious. However, these factors have not created strong enough momentum to help silver prices break through, causing the market to fall into a state of stalemate and waiting for new signals.
According to Mr. Lewis, the price range of 50 USD/ounce or below is an important support threshold that has been effective many times in the past. If the price adjusts to this area, the market's reaction will need to be closely monitored, because this is a price range of great technical significance.
The expert also noted that in the context of still large fluctuations, investors need to be cautious with trading scale and risk management. Although still positively assessing the long-term prospects of silver thanks to the supply-demand foundation, he believes that at the present time, the market is still in the waiting stage for clearer signals before establishing new trends.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
See more news related to silver prices HERE...
