Domestic silver prices
As of 10:15 am on September 1st, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.227 - 2.294 million VND/tael (buying - selling); an increase of 17,000 VND/tael on the buying side and an increase of 18,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 58.854 - 60.674 million VND/kg (buying - selling); an increase of 470,000 VND/kg in both 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 2,286 - 2,386 million VND/tael (buying - selling); an increase of 12,000 VND/tael in both directions 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 2.254 - 2.324 million VND/tael (buying - selling); an increase of 11,000 VND/tael on the buying side and an increase of 12,000 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 60.106 - 61.973 million VND/kg (buying - selling); an increase of 293,000 VND/kg on the buying side and an increase of 320,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on September 1 (Vietnam time), the world silver price was listed at 66.53 USD/ounce; up 0.30 USD/ounce compared to yesterday morning.
Causes and forecasts
World silver prices recovered slightly after falling more than 4% last Friday. However, the strengthening USD, rising US bond yields and rising oil prices continued to put pressure on the precious metal.
According to precious metals analyst James Hyerczyk, a part of investors still buy silver when prices fall to the 65.67 USD/ounce range, thereby helping to limit the downward trend. However, this buying force has only helped the market stabilize again but is not strong enough to create a new upward trend.
One of the factors putting pressure on silver prices is the statement of US Federal Reserve (Fed) official Kevin Warsh on August 29.
Mr. Warsh said that the Fed still has a lot to do to control inflation, and left open the possibility of raising interest rates in September. These statements make the market more cautious about the prospects of US monetary policy.
After the speech, the USD appreciated and US Treasury bond yields rose, creating more pressure on silver. This is a metal that does not generate interest income, so it is often less attractive when other asset yields increase.
Besides the story of interest rates, the silver market is also affected by developments in the energy market.
Despite pressure from financial factors, the demand for silver for production is still considered a price-supporting factor. Silver is used in many industrial sectors, including solar panel production," James Hyerczyk said.
According to James Hyerczyk's analysis, physical demand has not disappeared after the sell-off. However, prices have not yet reversed completely after the sharp drop last weekend.
According to James Hyerczyk, the overall upward trend of silver has not been broken, but demand needs to be maintained above important support zones to protect this 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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