Domestic silver prices
As of 9:05 am on August 29, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.195 - 2.261 million VND/tael (buying - selling); down 99,000 VND/tael on the buying side and down 102,000 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 58.004 - 59.794 million VND/kg (buying - selling); down 2.63 million VND/kg on the buying side and down 2.72 million 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 2.226 - 2.314 million VND/tael (buying - selling); down 121,000 VND/tael on the buying side and down 133,000 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 2.206 - 2.274 million VND/tael (buying - selling); down 113,000 VND/tael on the buying side and down 117,000 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 58.826 - 60.639 million VND/kg (buying - selling); down 3.013 million VND/kg on the buying side and down 3.120 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on August 29 (Vietnam time), the world silver price was listed at 66.28 USD/ounce; down 2.68 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices reversed after reaching a two-month high, reaching 71.12 USD/ounce on Friday. After that, silver prices fell sharply, below the threshold of 69 USD/ounce.
According to market analyst Christian Borjon Valencia, this development occurred after US Federal Reserve (Fed) Chairman Kevin Warsh made statements towards tightening monetary policy at the Jackson Hole conference, causing US Treasury bond yields to increase.
Increased bond yields often put pressure on non-performing assets like silver," he said.
Technically, according to Mr. Christian Borjon Valencia, the fact that silver prices cannot maintain above the 70 USD/ounce threshold shows that adjustment pressure is increasing.
Although the short-term trend of silver still leans towards increase, the fact that the price quickly reversed after exceeding 70 USD/ounce may open up the possibility that the price will continue to fall deeper than expected in the near future.
Therefore, investors need to monitor developments around important support levels to assess the possibility of silver prices recovering or continuing to adjust.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
See more news related to silver prices HERE...
