Domestic silver prices
As of 9:20 am on August 4, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,170 - 2,242 million VND/tael (buying - selling); an increase of 25,000 VND/tael on the buying side and an increase of 26,000 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 2.175 - 2.242 million VND/tael (buying - selling); an increase of 25,000 VND/tael on the buying side and an increase of 26,000 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 57.999 - 59.786 million VND/kg (buying - selling); an increase of 666,000 VND/kg on the buying side and an increase of 693,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 4 (Vietnam time), the world silver price was listed at 58.7 USD/ounce; up 0.64 USD/ounce compared to yesterday morning.
Causes and forecasts
Although silver prices have reversed to increase in the new trading session, the market is still affected by many external factors, so the upward trend is not really solid.
According to precious metals analyst Christopher Lewis, one of the reasons for the fluctuation of silver prices is the development of interest rates. Usually, when interest rates fall, silver - which is a non-profit asset - becomes more attractive to investors. However, the current interest rate level remains high, putting pressure on silver prices.
Meanwhile, physical silver demand globally remains positive, especially from the industrial sector. However, geopolitical instability and concerns about the risk of disruption of the global energy supply chain still make investors cautious, limiting the upward momentum of silver prices.
Regarding technical prospects, experts believe that silver is still a commodity with strong fluctuations. The 60 USD/ounce mark is playing an important resistance role, while the threshold of 63.45 USD/ounce continues to put more pressure on the price increase.
In the opposite direction, if the price decreases, the 55 USD/ounce zone is considered a noteworthy support level. Losing this level can create a negative psychological impact on the market.
In a worse scenario, Mr. Lewis believes that silver prices may retreat to the 50 USD/ounce test zone. This was once an important historical resistance level before being conquered in recent times. According to him, the price returning to this test zone will not be an unusual development and is a milestone that needs to be continued to be monitored in the near future.
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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