Domestic silver price
As of 11:15 a.m. on September 4, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 1.559 - 1.607 million/tael (buy - sell); down VND 6,000/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.559 - 1.607 million VND/tael (buy - sell); down 6,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 41.573 - 42.853 million VND/kg (buy - sell); down 160,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 11:15 a.m. on September 4 (Vietnam time), the world silver price was listed at 40.75 USD/ounce; up 0.07 USD compared to yesterday morning.
Causes and predictions
Silver prices remain high, benefiting from expectations that the US Federal Reserve (FED) will cut interest rates in September, while long-term Treasury yields will sometimes exceed 5%.
According to analyst James Hyerczyk, after breaking the resistance level of 40.93 USD/ounce, silver is heading towards the 44.22 USD/ounce mark - the next important increase.
"However, the market may also have short-term adjustments. Traders are advised to be cautious about unexpected fluctuations, especially in the context of increased political risks" - the expert said.
According to CME FedWatch, the possibility of the FED cutting interest rates by 25 basis points at the meeting on September 17 is up to 92%. This expectation further boosts the appeal of gold and silver - safe-haven assets in a low-yield environment.
In addition, James Hyerczyk said that the USD has decreased by more than 9% since the beginning of the year, which helps silver gain more appeal to international investors.
According to James Hyerczyk, as long as silver prices remain on the 50-day average, plus the weak USD and the Fed maintain a dovish stance, buyers will still dominate.
"The nearest target is the resistance level of 44.22 USD/ounce, while the adjustments to the 40.93 USD/ounce zone could open up new opportunities for investors to buy" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
