Domestic silver price
As of 5:20 p.m. on August 19, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.456 - 1.501 million/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.456 - 1.501 million VND/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 38.826 - 40.026 million VND/kg (buy - sell); unchanged in both directions compared to yesterday morning.
World silver price
On the world market, as of 5:20 p.m. on August 19 (Vietnam time), the world silver price was listed at 38.01 USD/ounce; up 0.02 USD compared to yesterday morning.
Causes and predictions
Silver prices are almost flat but still above the important threshold of 37.87 USD/ounce - corresponding to a 50% retreat of the previous increase. Analyst James Hyerczyk commented that even though there are times when this threshold is slightly exceeded, the market is still quite cautious when waiting for the policy signal from the Federal Reserve (FED).
Currently, the market is paying attention to the minutes of the July FOMC meeting due on Wednesday and especially the speech of FED Chairman Jerome Powell on Friday. The Fed's futures contract currently reflect an 85% chance of a 25 basis point rate cut in September.
"However, recent unexpected increases in producer price data have raised investors' concerns that the Fed may be more cautious about cutting interest rates. Powell is unlikely to make a clear commitment before August jobs data, but any harmonious signal could support silver prices, said James Hyerczyk.
The expert added that the increase of silver was limited by the strong USD and high US bond yields. "If yields don't fall, the direction of silver will depend largely on the FED's tone this weekend," he said.
See more news related to silver prices HERE...
