Domestic silver prices
As of 10:15 am on July 31, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.156 - 2.211 million VND/tael (buying - selling); down 2,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 56,710 - 58,460 million VND/kg (buying - selling); down 44,000 VND/kg on the buying side and down 54,000 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 the threshold of 2.157 - 2.229 million VND/tael (buying - selling); down 2,000 VND/tael in both buying and selling directions 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 2.162 - 2.229 million VND/tael (buying - selling); down 2,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 57.653 - 59.439 million VND/kg (buying - selling); down 53,000 VND/kg on the buying side and down 54,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on July 31 (Vietnam time), the world silver price was listed at 58.34 USD/ounce; up 0.05 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices continue to fluctuate in a narrow range as the market is affected by the developments of interest rates and the USD.
According to precious metals analyst Christopher Lewis, in Thursday's trading session, silver prices still fluctuated around the threshold of 60 USD/ounce. Although the market just went through a meeting of the US Federal Reserve (Fed), silver prices almost did not create a clear trend but still mainly moved sideways, reflecting the cautious sentiment of investors.
According to Mr. Lewis, the silver market has maintained a state of stalemate since mid-June. The expert said that in the current context, the market is more suitable for short-term trading investors, taking advantage of fluctuations within a narrow range. Meanwhile, long-term investors still tend to stand aside and observe until prices form a clearer trend.
However, in terms of long-term prospects, Mr. Lewis still assesses silver positively. According to him, silver consumption demand in the coming years may exceed supply, creating a price support foundation. However, at the present time, the market is still in a period of accumulation and no strong enough momentum has emerged to break through.
Silver prices are currently quite quiet, but when the market establishes a new trend, the pace of fluctuation will usually be very fast," Mr. Lewis said.
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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