Domestic silver price
As of 10:00 on August 29, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.495 - 1.541 million VND/tael (buy - sell); an increase of 7,000 VND/tael in both directions compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.495 - 1.541 million VND/tael (buy - sell); an increase of 7,000 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 39.866 - 41.093 million VND/kg (buy - sell); an increase of 187,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:00 a.m. on August 29 (Vietnam time), the world silver price was listed at 38.94 USD/ounce; up 0.16 USD compared to yesterday morning.
Causes and predictions
Silver prices increased sharply, approaching the threshold of 40 USD/ounce - a level that has long been considered a target. What the market is interested in right now is whether silver can surpass the $40/ounce mark to open up new rally, according to senior analyst Christopher Lewis.
"The price surpassing $39/ounce is a positive signal, showing that the uptrend is returning, although there may be an adjustment in the short term," he said.
Christopher Lewis said that silver currently has an important support zone at 39 USD/ounce and further down at 37.5 USD/ounce. If prices successfully break above $40/ounce, the next target could be towards $42.5 - $43/ounce.
The expert added that the silver market has often been moving sideways for a long time and then suddenly fluctuated strongly, and now it could be such a period.
"If the US dollar continues to weaken, it will further strengthen the upward momentum of silver. In general, the market outlook is still leaning towards the uptrend" - Christopher Lewis expressed his opinion.
Meanwhile, analyst James Hyerczyk said that dovish comments from Fed officials are helping the price of precious metals increase. According to CME's FedWatch tool, the market currently rates an 89% chance that the Fed will cut interest rates by 0.25 percentage points at the September meeting.
See more news related to silver prices HERE...
