Domestic silver price
As of 11:15 a.m. on August 25, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND1.489 - 1.535 million/tael (buy - sell); down VND8,000/tael in both directions compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.489 - 1.535 million VND/tael (buy - sell); down 8,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 39.706 - 40.933 million VND/kg (buy - sell); down 213,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 11:15 a.m. on August 25 (Vietnam time), the world silver price was listed at 38.85 USD/ounce; up 0.03 USD compared to yesterday morning.
Causes and predictions
Silver prices continued to rise, consolidating their breakout momentum above 37.87 USD/ounce. According to analyst James Hyerczyk, this increase was driven by the dovish view of Fed Chairman Jerome Powell at the Jackson Hole conference, when he said the Fed was ready to loosen policy if the labor market continued to weaken.
"Although there is no commitment to cut interest rates in September, spot prices now reflect the possibility of a 91% chance of a 25 basis point cut by the Fed," said James Hyerczyk.
The expert said the change comes after weaker-than-expected employment figures, including unemployment claims and employment indicators, allowing the Fed to accept a slight increase in inflation compared to its short-term target.
"Traders are closely monitoring the July PCE and core PCE reports, as well as Fed Governor Christopher Waller's speech, to orient interest rate expectations," said James Hyerczyk.
He said that silver is heading for a 14-year high of 39.53 USD/ounce, and if it breaks above this level, prices could continue to move up to the target of 44.22 USD/ounce.
"As long as silver stays above $37.87, the uptrend will continue, with upcoming labor and inflation data set the next uptrend," James Hyerczyk said.
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