Domestic silver price
As of 9:50 a.m. on September 24, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.675 - 1.727 million VND/tael (buy - sell); an increase of 3,000 VND/tael for both buying and selling compared to yesterday morning (September 23).
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.675 - 1.727 million VND/tael (buy - sell); an increase of 3,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars (1kg) at Phu Quy Jewelry Group was listed at 44,666 - 46.053 million VND/kg (buy - sell); an increase of 80,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:50 a.m. on September 24 (Vietnam time), the world silver price was listed at 44.02 USD/ounce; up 0.15 USD compared to yesterday morning.
Causes and predictions
Silver prices continue to remain high. According to analyst James Hyerczyk, this development comes as investors believe that the US will continue to cut interest rates to support the economy and curb inflation.
"Silver - like gold - benefits especially as US bond yields fall and the US dollar weakens. As a non-interest-bearing asset, silver is even more attractive in a low-interest-rate environment," he stressed.
In addition to monetary policy, the expert said that physical demand - especially from industrial investors and Asian markets - also contributes to price increases. "ETF flows into both silver and gold show renewed interest from large funds," said James Hyerczyk.
He added that as long as gold prices are supported by the Fed's dovish policy and global demand, silver is likely to continue to increase.
"Gold prices exceeding $44/ounce have paved the way towards a higher target of around $19.81/ounce - a multi-year peak. Although there may be a few short-term adjustment sessions, as long as the closing price remains above 44 USD/ounce and is supported by gold, the market can completely explode with a new increase" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
