Domestic silver prices
As of 9:30 am on August 18, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,300 - 2,370 million VND/tael (buying - selling); down 25,000 VND/tael on the buying side and down 32,000 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 2.304 - 2.375 million VND/tael (buying - selling); down 26,000 VND/tael on the buying side and down 27,000 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 the threshold of 61.439 - 63.333 million VND/kg (buying - selling); down 694,000 VND/kg on the buying side and down 720,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 AM on August 18 (Vietnam time), the world silver price was listed at 65.35 USD/ounce; down 0.39 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices cannot break through due to the simultaneous impact of USD developments, interest rates and geopolitical risks.
According to precious metals analyst Christopher Lewis, the silver market had a slight positive reaction in the first minutes of the first trading session of the week. However, the market is lacking clear momentum to break through.
Silver is a metal sensitive to many macroeconomic factors, notably the diễn biến of the USD, risk-taking sentiment in the market and interest rate policy.
In recent times, silver prices have recovered quite impressively. However, the upward momentum cannot last because supporting and pressuring factors are intertwined.
According to Christopher Lewis, the situation in the Middle East continues to be one of the factors making market sentiment unpredictable. Uncertain geopolitical developments may affect risk-taking sentiment and cause cash flow in the precious metals market to fluctuate sharply.
In addition, the diễn biến of the USD and interest rate prospects are also being closely monitored by investors. A strong USD or interest rates maintained at a high level can put pressure on silver prices, while the weakening USD and expectations of interest rate reductions often create favorable conditions for precious metals.
In the context of many factors affecting each other, trading silver with large volumes becomes more difficult. Investors may be more cautious when the market direction is not clearly defined.
Although the market is facing many fluctuations in the short term, expert Christopher Lewis believes that the long-term outlook for silver is still noteworthy.
One of the supporting factors is the situation that silver demand is rated higher than future supply. This may create a foundation for silver prices in the long term.
However, in the short term, the market still has to face many unpredictable factors, from geopolitical situation, interest rates, USD to investor sentiment. Therefore, the recovery momentum of silver prices does not mean that this metal will immediately enter a strong upward trend.
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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