Silver price fluctuations 30.8: Breakthrough increase, buying power is consolidated

Domestic silver price

As of 10:55 a.m. on August 30, the price of 999 999 coins (1 tael) at Ancarat Metallurgy Company was listed at 1.511 - 1.547 million VND/tael (buy - sell).

The price of 999 999 Ancarat silver bars (1kg) at Ancarat Metallurgy Company is listed at 39.684 - 40.674 million VND/kg (buy - sell).

The price of 2024 Ancarat 999 (1kg) silver bars at Ancarat Metallurgy Company was listed at 40.294 - 41.254 million VND/kg (buy - sell).

At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.521 - 1.568 million VND/tael (buy - sell); an increase of 26,000 VND/tael for buying and an increase of 27,000 VND/tael for selling compared to yesterday morning.

The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.521 - 1.568 million VND/tael (buy - sell); an increase of 26,000 VND/tael for buying and an increase of 27,000 VND/tael for selling compared to yesterday morning.

The price of 999 (1kg) gold bars at Phu Quy Jewelry Group was listed at 40.559 - 41.813 million VND/kg (buy - sell); an increase of 693,000 VND/kg for buying and an increase of 717,000 VND/kg for selling compared to yesterday morning.

World silver price

On the world market, as of 10:55 a.m. on August 30 (Vietnam time), the world silver price was listed at 39.66 USD/ounce; up 0.72 USD compared to yesterday morning.

Causes and predictions

Silver prices continue to maintain their upward momentum. According to market and macro analyst Vishal Chaturvedi, this development shows a confirmed breakout trend, with buying power supported by a weaker US dollar.

Vishal Chaturvedi said that the US economic data just released is mixed: GDP in the second quarter was adjusted up to 3.3%, unemployment claims decreased to 229,000 - showing growth and the labor market is still positive. However, core PCE inflation fell to 2.5%, lower than expected, while the GDP price index also fell to 2.0%. This has prompted investors to re-evaluate the policy path of the US Federal Reserve (FED).

Meanwhile, senior analyst Christopher Lewis believes that the silver market has been moving sideways for a long time and then suddenly fluctuated strongly, and now there 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.