Domestic silver prices
As of 9:05 am on August 26, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.376 - 2.451 million VND/tael (buying - selling); an increase of 37,000 VND/tael on the buying side and an increase of 8,000 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 2.335 - 2.407 million VND/tael (buying - selling); an increase of 39,000 VND/tael on the buying side and an increase of 40,000 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 62,266 - 64,186 million VND/kg (buying - selling); an increase of 1.04 million VND/kg on the buying side and an increase of 1.067 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:06 am on August 26 (Vietnam time), the world silver price was listed at 69.43 USD/ounce; an increase of 1.78 USD/ounce compared to yesterday morning.
Causes and forecasts
World silver prices are receiving support from safe-haven demand and industrial consumption prospects, while investors are waiting for further signals about US monetary policy.
According to market analyst Ghiles Guezout of FXStreet, silver prices had previously had two consecutive correction sessions, trading around 67.50 USD/ounce. The market is cautious before the US announces the Personal Consumption Expenditure (PCE) index.
Core PCE is one of the indicators closely monitored by the US Federal Reserve (Fed) to assess inflationary pressure. This index is forecast to remain at 3.4% in July compared to the same period last year.
If inflation is higher than forecast, expectations for tight monetary policy may increase, thereby putting pressure on precious metals. Conversely, cooling inflation may strengthen expectations that the Fed will maintain stable monetary policy and support silver prices.
Besides inflation, the US labor market is also a factor that investors are interested in.
According to expert Ghiles Guezout, although silver prices have been under adjustment pressure, some factors related to US finance may limit the decline of the precious metal.
The US Treasury Department is expected to increase long-term bond repurchases. Meanwhile, the market is also monitoring the ability to use money in the US Treasury General Account (TGA). These moves could affect market liquidity and bond yields.
In the context of increased US public debt, the above developments also raise further concerns about the strength of the USD. If the USD weakens, the prices of precious metals valued in this currency often have more upward momentum," he said.
Geopolitical tensions are also factors that can support silver. As geopolitical risks increase, demand for assets considered safe havens may increase, thereby supporting silver prices.
Not only benefiting from investment demand, silver also has a foundation from industrial demand. This metal is increasingly used in the energy transition process, especially in the production of solar panels and electric vehicles.
The rapid development of data centers serving artificial intelligence also contributes to boosting demand for silver.
Therefore, although silver prices may continue to fluctuate according to US economic data and Fed policy, the outlook for industrial demand and safe-haven demand are still important factors supporting the market.
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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