Domestic silver prices
As of 9:15 am on July 29, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed at the threshold of 2.129 - 2.184 million VND/tael (buying - selling); an increase of 6,000 VND/tael on the buying side and an increase of 7,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at the threshold of 56,010 - 57,740 million VND/kg (buying - selling); an increase of 186,000 VND/kg on the buying side and an increase of 186,000 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 2.135 - 2.206 million VND/tael (buying - selling); an increase of 13,000 VND/tael on the buying side and an increase of 13,000 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 2.140 - 2.206 million VND/tael (buying - selling); an increase of 13,000 VND/tael on the buying side and an increase of 13,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 57.066 - 58.826 million VND/kg (buying - selling); an increase of 347,000 VND/kg on the buying side and an increase of 347,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on July 29 (Vietnam time), the world silver price was listed at 57.55 USD/ounce; an increase of 0.26 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are under strong adjustment pressure as the USD appreciates and cautious sentiment covers the market ahead of the US Federal Reserve (Fed)'s interest rate decision.
According to precious metals analyst Christopher Lewis, the 60 USD/ounce mark is becoming the focus of the market, as prices have continuously fluctuated and struggled around this threshold in recent sessions.
Previously, silver prices repeatedly exceeded the 60 USD/ounce mark. However, in recent sessions, this threshold has shown signs of shifting from the support zone to the resistance zone, causing the upward momentum of silver prices to encounter more obstacles.
According to Mr. Lewis, the developments of the silver market are still heavily influenced by the US interest rate outlook, the strength of the USD and geopolitical instability in the Middle East. These are all factors that could cause silver prices to continue to fluctuate in the short term.
However, Mr. Lewis believes that the market is still in the waiting phase for clearer signals before forming a new trend. According to him, investors need to continue to monitor the developments of US interest rates, the USD and macroeconomic information, because these will be factors that determine the direction of silver prices in the coming time.
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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