Domestic silver price
As of 10:05, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.419 - 1.463 million VND/tael (buy - sell); an increase of 23,000 VND/tael for buying and an increase of 24,000 VND/tael for selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.419 - 1.463 million VND/tael (buy - sell); an increase of 23,000 VND/tael for buying and an increase of 24,000 VND/tael for selling compared to yesterday morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 37.839 - 39.013 million VND/kg (buy - sell); an increase of 613,000 VND/kg for buying and an increase of 640,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 10:00 a.m. on August 2 (Vietnam time), the world silver price was listed at 36.76 USD/ounce; an increase of 0.2 USD compared to yesterday morning.
Causes and predictions
Silver prices have fallen in many consecutive sessions but have since recovered rapidly. According to senior market analyst Christopher Lewis, this development shows that silver prices are trying to find a balance around support levels.
"The US non-farm payrolls report has been disappointing, creating just 73,000 new jobs less than half of the expected 106,000.
This information has put pressure on the US dollar (USD), and that could create an advantage for silver prices in the short term. If the US dollar continues to weaken, the recovery trend of silver will be further consolidated" - Christopher Lewis commented.
However, the expert also noted that if silver prices fall below $36/ounce, this will be a negative signal.
"As the US labor market weakens, industrial demand for silver - which is widely used in production - could also decline," Christopher Lewis analyzed.
Conversely, if the price breaks above the 37.50 USD/ounce mark, Christopher Lewis believes that it will be a very positive signal, showing the possibility of silver continuing to increase strongly. However, the market still needs more time to confirm a clearer trend.
See more news related to silver prices HERE...
