Domestic silver prices
As of 9:40 am on August 22, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,340 - 2,450 million VND/tael (buying - selling).
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.329 - 2.413 million VND/tael (buying - selling); down 21,000 VND/tael on the buying side and down 22,000 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 62.106 - 64.346 million VND/kg (buying - selling); down 560,000 VND/kg on the buying side and down 587,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:40 am on August 22 (Vietnam time), the world silver price was listed at 68.97 USD/ounce; up 0.10 USD/ounce compared to yesterday morning.
Causes and forecasts
Spot silver prices rose to their highest level in about two months in the last trading session of the week. The upward momentum was supported by falling US bond yields and the weakening USD to near its three-month low.
According to precious metals analyst James Hyerczyk, besides the impact from the financial market, supply shortages, increased open contract volume and stable industrial demand are also supporting silver prices.
The current upward momentum brings silver prices closer to the resistance zone maintained since June. According to Mr. James Hyerczyk, the silver market is having a fairly good upward momentum, but the developments of the bond market will play an important role in deciding the trend of silver prices next week.
Meanwhile, the USD continues to weaken. The depreciating USD often creates favorable conditions for the prices of precious metals, including silver, as it makes this metal more attractive to investors holding other currencies.
Besides financial factors, the silver market is also supported by a shortage of supply. The market is forecast to record its sixth consecutive year of silver shortage in 2026, with an estimated shortage of about 46 million ounces," James Hyerczyk said.
Global silver mining output is currently not keeping up with demand. Notably, most of silver is mined as a byproduct in the process of mining copper, lead, zinc and gold. This makes it difficult for silver supply to increase rapidly just by increasing the price of this metal.
Meanwhile, industrial demand for silver remains stable, especially from the electronics and high-tech manufacturing industries. The use of silver in many fields helps demand for this metal remain relatively stable.
Next week, the market will focus on the US PCE inflation report. This information may affect monetary policy expectations, thereby affecting bond yields and the USD.
According to expert James Hyerczyk, these are also two factors that have contributed to boosting the increase of silver and may continue to support or vice versa, putting pressure on the price of this metal.
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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