Silver price fluctuation 27.7: Domestic silver increases by up to 1.3 million VND/kg

Domestic silver prices

As of 9:00 AM on July 27th, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.209 - 2.266 million VND/tael (buying - selling); an increase of 49,000 VND/tael on the buying side and an increase of 51,000 VND/tael on the selling side compared to yesterday morning.

The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 58.126 - 59.926 million VND/kg (buying - selling); an increase of 1.32 million VND/kg on the buying side and an increase of 1.36 million VND/kg 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 2.211 - 2.285 million VND/tael (buying - selling); an increase of 48,000 VND/tael on the buying side and an increase of 50,000 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 2.216 - 2.285 million VND/tael (buying - selling); an increase of 48,000 VND/tael on the buying side and an increase of 50,000 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 59.093 - 60.933 million VND/kg (buying - selling); an increase of 1.28 million VND/kg on the buying side and an increase of 1.334 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:00 AM on July 27 (Vietnam time), the world silver price was listed at 59.63 USD/ounce; an increase of 1.57 USD/ounce compared to yesterday morning.

Causes and forecasts

World silver prices have just recorded an increase as buying power returns after a period of adjustment. However, analysts believe that this recovery momentum will soon face an important test from the meeting of the US Federal Reserve (Fed) this week.

According to precious metals analyst James Hyerczyk, although silver prices have rebounded, the market is still under pressure from expectations that the Fed may continue to maintain tight monetary policy. Currently, the focus of investors is no longer the time when the Fed cuts interest rates but the possibility that this agency will continue to raise interest rates if inflation is not controlled.

The expert said that the increase in silver prices in the past week mainly reflects buying power after the previous deep decline, instead of stemming from positive signals about interest rate prospects or consumption demand. Meanwhile, US government bond yields are still high, the USD maintains its strength and oil prices have not cooled down significantly - factors that often adversely affect precious metals.

According to Mr. Hyerczyk, the diễn biến of silver prices in the coming days will largely depend on the message from the meeting of the Federal Open Market Committee (FOMC). If the Fed continues to send tough signals in the fight against inflation, bond yields and the USD may rise again, putting pressure on silver prices. Conversely, if the Fed maintains its position and does not send a stronger than expected tightening message, buying power may continue to be maintained.

In addition to the Fed meeting, the market will also monitor a series of US economic data such as GDP growth, the Personal Consumption Price Index (PCE) and the Employment Cost Index. These figures will provide more basis for assessing interest rate outlook in the near future. Positive data may strengthen expectations that the Fed will maintain a tight policy, while weaker-than-forecast figures may support silver price recovery.

Regarding long-term prospects, Mr. Hyerczyk believes that silver still faces more risks than gold because it is both a safe haven asset and an industrial metal. High interest rates not only reduce the attractiveness of precious metals but can also slow down production activities, thereby affecting the demand for silver consumption in industry.