Domestic silver price
As of 10:25 a.m. on August 22, the price of 999 silver bars at Ancarat Metallurgy Company was listed at VND1.488 - 1.453 million/tael (buy - sell).
The price of 999 999 Ancarat silver bars (1kg) at Ancarat Metallurgy Company is listed at 38.110 - 39.100 million VND/kg (buy - sell).
The price of 2024 Ancarat 999 (1kg) silver bars at Ancarat Metallurgy Company was listed at 38,746 - 39.680 million VND/kg (buy - sell).
The price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.462 - 1.507 million VND/tael (buy - sell); increased by 10,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.462 - 1.507 million VND/tael (buy - sell); increased by 10,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 38,986 - 40,186 million VND/kg (buy - sell); an increase of 267,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:30 a.m. on August 22 (Vietnam time), the world silver price was listed at 38.11 USD/ounce; up 0.21 USD compared to yesterday morning.
Causes and predictions
Silver prices broke out as investors considered the monetary policy of the US Federal Reserve (FED), weak US labor data and inflationary pressures still existed.
However, according to analyst James Hyerczyk, despite remaining above the support level, this precious metal is unlikely to break out as the market awaits new signals from Chairman Jerome Powell's speech at the Jackson Hole conference.
According to CME's FedWatch tool, 80% of traders expect the Fed to cut interest rates at the next meeting.
"If Mr. Powell gives a tough stance, bond yields and the US dollar could increase, putting downward pressure on gold and silver prices," said James Hyerczyk.
The expert said that the short-term outlook for silver depends largely on the speech of the Fed Chairman.
"If the Fed signals a dovish stance, silver could rise to $38.74/ounce. Conversely, if we maintain a cautious view, prices are likely to only move sideways within a narrow range and there is a risk of falling" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
