Domestic silver prices
As of 9:15 am on August 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.148 - 2.203 million VND/tael (buying - selling); an increase of 19,000 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 the threshold of 56.496 - 58.246 million VND/kg (buying - selling); an increase of 486,000 VND/kg on the buying side and an increase of 506,000 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 2.145 - 2.216 million VND/tael (buying - selling); an increase of 15,000 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 2,150 - 2.216 million VND/tael (buying - selling); an increase of 15,000 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 57.333 - 59.093 million VND/kg (buying - selling); an increase of 400,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 3 (Vietnam time), the world silver price was listed at 58.06 USD/ounce; an increase of 0.65 USD/ounce compared to yesterday morning.
Causes and forecasts
Despite reversing to recover, silver prices are under pressure after failing to maintain above the 60 USD/ounce mark. In the past week, this precious metal has fallen and fluctuated right below the important resistance level, showing investors' cautious sentiment.
According to precious metals analyst Christopher Lewis, although the market is still likely to recover due to selling pressure not being too strong, the short-term trend is still unclear. One of the factors putting pressure on silver prices is the high interest rate level, which reduces the attractiveness of unprofitable precious metals. This is also a factor that has affected the developments of silver in recent months.
In addition, geopolitical tensions in the Middle East continue to make the market fall into a state of stalemate. According to Mr. Lewis, the combination of a high interest rate environment and global instability prevents silver prices from forming a clear trend.
Technically, experts assess the 50 USD/ounce area as an important support zone when it has played a role many times in the past. If the price continues to be held above this zone, the long-term outlook for silver is still maintained. However, in the context of still large fluctuations, investors need to be cautious in managing position size.
According to Mr. Lewis, the long-term outlook for silver is still positive, but at the present time the market still needs more clear signals before establishing a new trend.
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...
