Domestic silver prices
As of 10:15 am on August 31, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed at the threshold of 2,210 - 2,276 million VND/tael (buying - selling); an increase of 15,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 58.384 - 60.194 million VND/kg (buying - selling); an increase of 380,000 VND/kg on the buying side and an increase of 400,000 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 2.274 - 2.374 million VND/tael (buying - selling); an increase of 48,000 VND/tael on the buying side and an increase of 60,000 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 2.243 - 2.312 million VND/tael (buying - selling); an increase of 37,000 VND/tael on the buying side and an increase of 38,000 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 59.813 - 61.653 million VND/kg (buying - selling); an increase of 987,000 VND/kg on the buying side and an increase of 1.014 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on August 31 (Vietnam time), the world silver price was listed at 66.23 USD/ounce; down 0.05 USD/ounce compared to yesterday morning.
Causes and forecasts
World silver prices continued to fall for the second consecutive session, trading below the threshold of 66 USD/ounce. The decline took place after the tough statements of US Federal Reserve (Fed) Chairman Kevin Warsh on the inflation issue.
Speaking at the Jackson Hole thematic conference on August 29, Mr. Kevin Warsh said that the Fed needs to make sure that core inflation is moving towards the 2% target at a sufficiently fast pace. If this is not achieved, policymakers will have a lot of work to do.
The above statements caused the market to reduce expectations that the Fed would soon ease monetary policy. According to the CME FedWatch tool, the market currently forecasts about 57.5% of the possibility that the Fed will raise interest rates by at least 25 basis points in September, significantly higher than the 35% before Mr. Warsh's speech.
High interest rates often put pressure on precious metals such as silver, which does not generate interest income. As the cost of holding non-performing assets increases, the attractiveness of silver to investors may decrease, thereby creating more pressure on prices.
According to foreign exchange analyst Akhtar Faruqui, besides US monetary policy, tense developments in the Middle East and rising oil prices are also affecting the precious metals market.
The developments of silver in the near future will continue to depend significantly on the Fed's interest rate expectations, the strength of the USD and new fluctuations in the energy market" - Akhtar Faruqui said.
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...
