Domestic silver price
As of 10:35 a.m. on August 28, the price of 999 999 coins (1 tael) at Ancarat Metallurgy Company was listed at VND1.476 - 1.511 million/tael (buy - sell).
The price of 999 999 Ancarat silver bars (1kg) at Ancarat Metallurgy Company is listed at 38.724 - 39.714 million VND/kg (buy - sell).
The price of 2024 Ancarat 999 (1kg) silver bars at Ancarat Metallurgy Company was listed at 39.360 - 40.294 million VND/kg (buy - sell).
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND1.488 - 1.534 million/tael (buy - sell); an increase of VND4,000/tael in both directions compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.488 - 1.534 million VND/tael (buy - sell); an increase of 4,000 VND/tael in both directions compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 39.679 - 40.906 million VND/kg (buy - sell); an increase of 106,000 VND/kg for buying and an increase of 107,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 10:35 a.m. on August 28 (Vietnam time), the world silver price was listed at 38.78 USD/ounce; up 0.24 USD compared to yesterday morning.
Causes and predictions
The silver market is witnessing many tug-of-war sessions as investors seek clear signals about the direction of the economy.
According to senior analyst Christopher Lewis, despite recent fluctuations, the main trend is still increasing, especially as the market awaits interest rate cuts from central banks.
"However, unlike gold, silver is both a precious metal and an industrial metal. Therefore, economic growth - or decline - will have a strong impact on silver prices," he said.
Christopher Lewis commented that the upward trend of silver has not been broken. Although a lower peak has appeared, the market has not yet formed a lower bottom, meaning that prices are only in the accumulation phase. If it breaks through the peak of last Friday's trading session, silver could head towards $40/ounce.
"Only when it fell below $37/ounce did the market signal a clear reversal, but the current chart does not show that. In the short term, prices may continue to fluctuate strongly and the threshold of 37.50 USD/ounce - an important support level to monitor" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
