Domestic silver prices
As of 9:00 AM on August 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.315 - 2.384 million VND/tael (buying - selling); an increase of 92,000 VND/tael on the buying side and 104,000 VND/tael on the selling side compared to a month ago.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 61.054 - 63.074 million VND/kg (buying - selling); an increase of 2.564 million VND/kg on the buying side and 2.774 million VND/kg on the selling side compared to a month ago.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2,340 - 2,450 million VND/tael (buying - selling); an increase of 106,000 VND/tael on the buying side and 142,000 VND/tael on the selling side compared to a month ago.
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); an increase of 92,000 VND/tael on the buying side and 107,000 VND/tael on the selling side compared to a month ago.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 62.106 - 64.346 million VND/kg (buying - selling); an increase of 2.507 million VND/kg on the buying side and 2.907 million VND/kg on the selling side compared to a month ago.
World silver price
On the world market, as of 9:00 AM on August 23 (Vietnam time), the world silver price was listed at 68.97 USD/ounce; an increase of 9.45 USD/ounce compared to a month ago.
Causes and forecasts
Silver prices continued to rise this week amid a slight decrease in bond yields. However, a more noteworthy factor is the weakening of the USD.
According to precious metals analyst Christopher Lewis, the silver market at the beginning of the week had a slight decrease, but then quickly recovered and approached the 70 USD/ounce mark. This is a round price threshold of important psychological significance for investors, and also an area that has recorded significant support.
Mr. Christopher Lewis believes that the 70 USD/ounce mark is becoming an important price range to determine the next trend of silver. If this threshold is convincingly surpassed, the upward momentum may continue. Conversely, if it cannot break through, silver prices may be under adjustment pressure.
Experts note that the USD often has a reverse correlation with the price of silver. Therefore, the diễn biến of the greenback and bond yields are factors that need to be monitored in parallel when assessing the trend of this precious metal.
Compared to gold, silver is having some different developments. While gold once suffered pressure when interest rates fell, the need to find safe-haven assets is now showing signs of returning. Developments related to the US government's bond repurchase policy are also attracting market attention.
According to Christopher Lewis, this is one of the first times since the above information that silver prices have faced a significant technical resistance level. Although the current trend is still in the upside, the 70 USD/ounce mark may be an important test.
The 70 USD mark is likely to become important" - the expert said, and also said that he will closely monitor this price range to find confirmation signals for the next up or down trend of silver.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
See more news related to silver prices HERE...
