Domestic silver price
As of 9:40 a.m. on August 1, the price of 999 silver bars at Ancrat Silver JSC was listed at VND1.385 - 1.420 million/tael (buy - sell).
The price of silver bars in 2025 Ancarat 999 (1kg) Ancrat Silver Joint Stock Company is listed at 36.297 - 37.287 million VND/kg (buy - sell).
At the same time, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.396 - 1.439 million VND/tael (buy - sell); down 21,000 VND/tael for buying and down 22,000 VND/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.396 - 1.439 million VND/tael (buy - sell); down 21,000 VND/tael for buying and down 22,000 VND/tael for selling compared to yesterday morning.
Meanwhile, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 37.226 - 38.373 million VND/kg (buy - sell); down 560,000 VND/kg for buying and down 586,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:40 a.m. on August 1 (Vietnam time), the world silver price was listed at 36.56 USD/ounce; down 0.46 USD compared to yesterday morning.
Causes and predictions
Senior market analyst Christopher Lewis believes that if prices fall below $35/ounce, the downtrend could accelerate significantly.
"The main reason for the sharp decline in silver prices comes from the strengthening of the US dollar (USD). Silver has an inverted relationship with the USD, so when the USD increases in value, silver is often under downward pressure" - Christopher Lewis commented.
The expert said that if silver prices can rebound from the current range, the 37.50 USD/ounce mark will be a point to note, as this used to be an important resistance zone. Whether prices can surpass this level or not will be a key factor in determining the next direction.
"However, given the current context, any recovery could be temporary and prone to selling, as long as the USD maintains its upward momentum," Christopher Lewis said.
He added that Federal Reserve Chairman Jerome Powell's recent press conference address was not as "harmonious" as expected, which caused market turmoil and prompted the US dollar to appreciate strongly again.
"Therefore, I think we need to monitor the $35 threshold closely - because if this level is broken, it could open up a significantly deeper decline" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
