Domestic silver prices
As of 9:20 am on August 24, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.316 - 2.385 million VND/tael (buying - selling); an increase of 1,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at the threshold of 61.184 - 63.074 million VND/kg (buying - selling); an increase of 130,000 VND/kg on the buying side and unchanged 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 2.358 - 2.464 million VND/tael (buying - selling); an increase of 18,000 VND/tael on the buying side and an increase of 14,000 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 2.327 - 2.399 million VND/tael (buying - selling); down 2,000 VND/tael on the buying side and down 14,000 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 62.053 - 63.973 million VND/kg (buying - selling); down 53,000 VND/kg on the buying side and down 373,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:20 am on August 24 (Vietnam time), the world silver price was listed at 69.04 USD/ounce; up 0.07 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver price prospects remain positive in the context of a weakening USD, thereby boosting demand for tangible assets.
According to currency and precious metals analyst Muhammad Umair at FX Empire, the US Treasury Department's increase in bond repurchase is adding pressure on the USD. However, positive US economic data may cause interest rates to remain high for longer, thereby supporting the USD. According to experts, the recovery of the USD is a major risk to the upward momentum of silver prices.
The USD index currently shows a downward trend when it is below the threshold of 100.50 points. If this index breaks the 97.80 point mark, the possibility of falling to 96 points may occur. In case of a sharp decrease below 96 points, the USD index may continue to plummet to 90 points.
According to Muhammad Umair, a sharp weakening of the USD will create more momentum for silver prices and may open up opportunities to set new record highs. However, oil price movements are also factors to monitor, especially if oil prices exceed 100 USD/barrel, because this could cause the USD to continue to fluctuate.
Technically, spot silver prices need to surpass the 72 USD/ounce mark to maintain the upward momentum and head towards the 90 USD/ounce zone. If successfully surpassing 90 USD/ounce, the upward outlook will be strengthened and silver may head towards the previous record peak.
Conversely, if it cannot overcome important resistance levels, silver prices may adjust to around 60 USD/ounce. However, the overall outlook is still positively assessed as long as the support zone of 45 - 55 USD/ounce is maintained.
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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