Domestic silver prices
As of 10:10 am on August 28, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.294 - 2.363 million VND/tael (buying - selling); down 19,000 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 60.634 - 62.514 million VND/kg (buying - selling); down 496,000 VND/kg on the buying side and down 506,000 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 2.347 - 2.447 million VND/tael (buying - selling); down 5,000 VND/tael on the buying side and up 3,000 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 2.319 - 2.391 million VND/tael (buying - selling); down 14,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 61.839 - 63.759 million VND/kg (buying - selling); down 374,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 10:13 am on August 28 (Vietnam time), the world silver price was listed at 68.96 USD/ounce; down 0.46 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are facing difficulties as they continuously cannot overcome the resistance level of 70 USD/ounce. The market is currently waiting for further signals from the US Federal Reserve (Fed) to determine the next direction.
In the previous trading session, silver prices initially increased slightly but quickly turned down when approaching the 70 USD/ounce mark. According to precious metals analyst Christopher Lewis, this development has been repeated in recent sessions, showing that the 70 USD threshold is becoming a significant barrier to the increase of silver.
Experts believe that the market is waiting for clearer signals about the Fed's interest rate policy.
Silver prices are often sensitive to interest rates and the diễn biến of the USD. When the Fed has a tougher stance than expected, the USD may be supported, thereby putting pressure on silver prices. Conversely, if the Fed sends a moderate signal, the expectation of monetary policy easing may create more momentum for this precious metal.
According to Christopher Lewis, if the Fed's signal is favorable, silver prices are likely to surpass the 70 USD/ounce mark. Conversely, a tougher-than-expected view may put more downward pressure on silver.
Silver still has prospects of increasing in price in the long term. However, it may take about 6 months for this prospect to become clearer, so I am quite cautious when participating in the market at the present time" - Mr. Lewis said.
According to experts, investors can continue to monitor the reaction of silver prices around the 70 USD/ounce mark and wait for further signals from the Fed before determining the next trend.
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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