Domestic silver prices
As of 9:30 am on August 19, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2,241 - 2.298 million VND/tael (buying - selling); down 45,000 VND/tael on the buying side and down 47,000 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 58.960 - 60.780 million VND/kg (buying - selling); down 1.214 million VND/kg on the buying side and down 1.254 million 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 2.255 - 2.328 million VND/tael (buying - selling); down 45,000 VND/tael on the buying side and down 42,000 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 2,260 - 2,330 million VND/tael (buying - selling); down 44,000 VND/tael on the buying side and down 45,000 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 60.266 - 62.133 million VND/kg (buying - selling); down 1.173 million VND/kg on the buying side and down 1.2 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 AM on August 19 (Vietnam time), the world silver price was listed at 63.2 USD/ounce; down 2.15 USD/ounce compared to yesterday morning.
Causes and forecasts
Spot silver prices reversed sharply, mainly stemming from the developments of long-term US Treasury bonds.
According to precious metals analyst James Hyerczyk, silver prices are under pressure as US 30-year bond yields rose nearly 5.31%. Meanwhile, Brent oil prices exceeded 91 USD/barrel, raising concerns about inflation, making investors cautious before the minutes of the US Federal Reserve (Fed) meeting were released.
The USD is still near its lowest level in months after weaker economic data reduced expectations of the Fed raising interest rates in September. However, this factor is no longer strong enough to support silver prices in recent sessions. According to experts, the developments of long-term bonds are dominating the precious metals market, while the trend of short-term bonds cannot overwhelm.
Besides, as energy costs increase, investors have more reason to worry about prolonged inflation, thereby putting pressure on interest rate expectations and the prices of assets such as silver," he said.
The expert said that the USD is currently weak enough to create new buying power for silver, while long-term bond yields are still too high for the market to ignore.
This makes silver prices need two supporting factors at the same time: a weaker USD and a decrease in bond yields. Currently, only the USD meets part of this condition, while long-term bond yields are still under pressure.
James Hyerczyk said that the market is currently waiting for the minutes of the FOMC meeting in July to find more signals about interest rate policy. Previously, weaker economic data significantly reduced expectations of the Fed raising interest rates in September. The minutes of the meeting may show whether the market is adjusting expectations too far.
When long-term bond yields still overwhelm the developments of short-term bonds, the increases in silver prices can still become opportunities for investors to sell" - James Hyerczyk gave his opinion.
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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