Domestic silver prices
As of 9:25 am on August 27th, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed at the threshold of 2.313 - 2.382 million VND/tael (buying - selling); down 8,000 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 61.130 - 63.020 million VND/kg (buying - selling); down 204,000 VND/kg on the buying side and down 214,000 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 2.352 - 2.444 million VND/tael (buying - selling); down 24,000 VND/tael on the buying side and down 7,000 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 2.333 - 2.405 million VND/tael (buying - selling); down 2,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 62.213 - 64.133 million VND/kg (buying - selling); down 53,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:26 am on August 27 (Vietnam time), the world silver price was listed at 69.42 USD/ounce; down 0.01 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are currently still struggling below the threshold of 70 USD/ounce, showing that this precious metal has not yet been able to establish a sustainable upward momentum.
According to macro and market analyst Vishal Chaturvedi, silver prices were under downward pressure in the recent trading session as the USD recovered after the US released the latest inflation data.
According to newly released data, the US Personal Consumption Expenditure Price Index (PCE) increased by 0.2% in July compared to the previous month, higher than the forecast of 0.1%. For the year, the PCE increased by 3.7%, exceeding the forecast of 3.6%.
Meanwhile, the core PCE index - excluding food and energy prices - increased by 0.2% compared to the previous month and increased by 3.3% compared to the same period last year, consistent with market forecasts.
Higher-than-expected inflation data has helped the USD recover after a recent period of weakness. The USD Index (DXY), which measures the strength of the greenback against 6 major currencies, increased by about 0.3% to around 99.20.
A strong USD often puts pressure on silver prices because this precious metal is valued in USD, making silver more expensive for buyers using other currencies.
However, the latest inflation figures have not significantly changed market expectations about the interest rate policy of the US Federal Reserve (Fed) at the September meeting. According to the CME FedWatch tool, the market currently assesses about 65% of the Fed's ability to keep interest rates unchanged next month" - Vishal Chaturvedi said.
Thus, the 70 USD/ounce mark is still an important price range for silver. The continuous difficulty in overcoming this threshold shows that the resistance to the upward momentum is still quite large, while the diễn biến of the USD and the expectation that the Fed interest rate will continue to be important factors affecting silver prices in the coming time.
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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