Domestic silver price
As of 9:45 a.m. on August 27, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND1.484 - 1.530 million/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 taels of silver (1 tael) at Phu Quy Jewelry Group was listed at VND1.484 - 1.530 million/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 39.573 - 40.799 million VND/kg (buy - sell); unchanged in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:45 a.m. on August 27 (Vietnam time), the world silver price was listed at 38.54 USD/ounce; down 0.15 USD compared to yesterday morning.
Causes and predictions
The silver market continued to decline at the beginning of the week. Senior analyst Christopher Lewis said that the market is under quite a lot of selling pressure, in the context that investors are still waiting for the US Federal Reserve's interest rate cut decision.
According to him, if prices decrease, the 37.50 USD/ounce zone is considered an important support level, so investors will closely monitor it.
"Although the market is quite uncertain, buying power is likely to return thanks to expectations of loose policy from central banks," said Christopher Lewis.
The expert added that silver is both a precious metal and an industrial metal, so global economic fluctuations will have a strong impact.
"Currently, silver trading is still revolving around a narrow area, liquidity is thin. However, the long-term outlook remains positive, but investors need to be cautious with the scale of their positions because the market can fluctuate strongly at any time" - Christopher Lewis emphasized.
Meanwhile, financial expert Vladimir Zernov said that silver prices fell in the context of the gold/ silwer ratio trying to stabilize above the threshold of 88.00.
"If it slides below 38.50 USD/ounce, this metal could retreat to the support zone of 37.30 - 37.50 USD/ounce" - Vladimir Zernov assessed.
See more news related to silver prices HERE...
