Domestic silver price
As of 10:50 on August 5, the price of 999 silver bars at Ancarat Golden variety Company was listed at 1.418 - 1.453 million VND/tael (buy - sell); an increase of 23,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) of Ancarat silver Company was listed at 37.220 - 38.210 million VND/kg (buy - sell); an increase of 625,000 VND/tael for both buying and selling compared to yesterday morning.
At the same time, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.429 - 1.473 million VND/tael (buy - sell); an increase of 18,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.429 - 1.473 million VND/tael (buy - sell); an increase of 18,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 38.106 - 39.279 million VND/kg (buy - sell); an increase of 480,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 10:22 a.m. on August 5 (Vietnam time), the world silver price was listed at 37.42 USD/ounce; up 0.52 USD compared to yesterday morning.
Causes and predictions
Silver prices are in a period of strong fluctuations, especially before the opening session on Monday.
Overall, senior market analyst Christopher Lewis remains positive on the silver market.
"Although the market is currently in a state of chaos and difficult to grasp. I believe that if there is enough time, we will witness a major change in the coming time" - he commented.
Another notable factor, according to Christopher Lewis, is the backward relationship between silver and the US dollar (USD) - when the USD strengthens, silver prices often weaken and vice versa. This makes the upcoming trend unpredictable, especially in the context of the precious metals market trying to recover, but falling into the summer - a period of inherently quiet with low liquidity.
"Currently, silver prices are approaching the familiar resistance zone around 37.50 USD/ounce. If I can get above this threshold, I will become more optimistic about the prospect of price increases," said the expert.
However, he also believes that in the short term, it is not ruled out the possibility that prices will continue to fluctuate sideways around this area. Only when prices penetrate the price of 35.50 USD/ounce, do I start leaning towards the downside scenario. At this time, even though it has just undergone a strong correction, the main trend is still towards price increase" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
