Domestic silver prices
As of 9:10 am on August 20, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.332 - 2.392 million VND/tael (buying - selling); an increase of 91,000 VND/tael on the buying side and an increase of 94,000 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 the threshold of 61.386 - 63.286 million VND/kg (buying - selling); an increase of 2.426 million VND/kg on the buying side and an increase of 2.506 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 2.342 - 2.420 million VND/tael (buying - selling); an increase of 87,000 VND/tael on the buying side and an increase of 92,000 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 2.347 - 2.420 million VND/tael (buying - selling); an increase of 87,000 VND/tael on the buying side and an increase of 9,000 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 62.586 - 64.533 million VND/kg (buying - selling); an increase of 2.32 million VND/kg on the buying side and an increase of 2.4 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on August 20 (Vietnam time), the world silver price was listed at 67.12 USD/ounce; up 3.92 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices reversed sharply after the US Treasury Department announced the doubling of the long-term bond repurchase program.
According to precious metals analyst James Hyerczyk, the upward momentum took place after the US Treasury Department announced the increase in the maximum scale of the bond repurchase program from 2 billion USD to at least 4 billion USD, focusing on bonds with terms from 10-30 years. The program is expected to start from September 9 and last until early November.
This information immediately affected the bond market. 30-year term bond yields fell by about 8-10 basis points, while the USD index fell by about 0.7-0.8%.
This is an important development for silver prices, because long-term bond yields and the USD were both factors putting pressure on the precious metal in previous sessions.
According to James Hyerczyk, when pressure factors simultaneously weaken, previous sellers must quickly buy back, thereby pushing prices up sharply.
Gold prices also recovered in the same session. Both precious metals were under pressure from long-term bond yields and the USD in previous days. When these two factors weakened together, buying power quickly returned.
The weakening USD makes silver more attractive to investors holding other currencies. When this development occurs at the same time as bond yields fall, pressure on precious metals is further relieved.
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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