Domestic silver price
As of 10:00 on July 28, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.457 - 1.502 million VND/tael (buy - sell); unchanged in both buying and selling directions compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.457 - 1.502 million VND/tael (buy - sell); unchanged in both buying and selling directions compared to yesterday morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 38.853 - 40.053 million VND/kg (buy - sell); unchanged in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:05 a.m. on July 28 (Vietnam time), the world silver price was listed at 37.96 USD/ounce; a slight increase of 0.31 USD compared to yesterday morning.
Causes and predictions
The increase in silver prices is slowing down due to the recovery of the USD, economic data exceeding expectations such as the PMI index and the number of unemployment claims, along with the downward trend of gold prices.
This week, the silver market may fluctuate strongly due to a series of important macro events. The focus is on the Federal Reserve's monetary policy meeting on Wednesday.
Although many people predict the Fed will keep interest rates unchanged, Chairman Jerome Powell's comments could create volatility, according to market analyst James Hyerczyk.
"If the Fed signals a dovish stance, the US dollar could weaken and boost silver prices. Conversely, if the Fed shows signs of holding higher interest rates for longer, safe-haven assets like silver could be negatively affected, said James Hyerczyk.
The market will also closely monitor the core PCE - an important inflation measure - and the July jobs report released on Friday.
James Hyerczyk added that the US imposition of copper import tariffs on August 1 also created a general uncertainty in the metal market, although silver was not directly affected.
"Despite the impact of macro factors, with sustained industrial demand and unimproved supply, the long-term uptrend of silver prices has not been broken" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
