Domestic silver price
As of 11:20 on August 23, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.497 - 1.543 million/tael (buy - sell); an increase of VND35,000/tael for buying and an increase of VND36,000/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.497 - 1.543 million VND/tael (buy - sell); an increase of 35,000 VND/tael for buying and an increase of 36,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 39,919 - 41,146 million VND/kg (buy - sell); an increase of 933,000 VND/kg for buying and an increase of 960,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 11:25 a.m. on August 23 (Vietnam time), the world silver price was listed at 38.82 USD/ounce; up 0.71 USD compared to yesterday morning.
Causes and predictions
Silver prices continued to increase strongly as investors adjusted their positions after the speech of US Federal Reserve Chairman Jerome Powell at Jackson Hole, with a cautious tone but still leaving open the possibility of monetary policy easing.
According to macro and market analyst Vishal Chaturvedi, the market viewed Powell's speech as dovish. This reinforces expectations of a Fed rate cut as he stresses balance in implementing the dual task.
According to the FedWatch tool (CME), the probability of the Fed cutting 25 basis points in September has increased to 90%, compared to about 70% previously. This change caused the USD to plummet and boosted demand for precious metals.
Vishal Chaturvedi added that silver prices also increased as investors sought shelter from the risk of slow growth and prolonged inflation.
"Currently, silver is firmly above the $38 mark, with resistance around $38.80 - $39/ounce. If it breaks above this threshold, prices could head towards 39.50 - 40 USD/ounce, while the most recent support is at 37.50 USD/ounce" - Vishal Chaturvedi expressed his opinion.
See more news related to silver prices HERE...
