Domestic silver prices
As of 9:20 am on August 5, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.196 - 2.252 million VND/tael (buying - selling); an increase of 30,000 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 57.764 - 59.554 million VND/kg (buying - selling); an increase of 770,000 VND/kg on the buying side and an increase of 800,000 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 2.203 - 2.276 million VND/tael (buying - selling); an increase of 33,000 VND/tael on the buying side and an increase of 34,000 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 2.210 - 2.278 million VND/tael (buying - selling); an increase of 35,000 VND/tael on the buying side and an increase of 36,000 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 58.933 - 60.746 million VND/kg (buying - selling); an increase of 934,000 VND/kg on the buying side and an increase of 960,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 5 (Vietnam time), the world silver price was listed at 59.83 USD/ounce; an increase of 1.13 USD/ounce compared to yesterday morning.
Causes and forecasts
The silver market recorded positive developments in the mid-week trading session when the price continued to approach the 60 USD/ounce mark - the important resistance level of the market.
Precious metals analyst Christopher Lewis said that if it passes this price range, silver may head towards the 62.5 USD/ounce mark.
According to Mr. Lewis, the silver market will still fluctuate strongly in the coming time as investors continue to monitor interest rate developments. The decrease in yields in the recent trading session has created support for silver, while strengthening expectations that the price of this precious metal will continue to increase thanks to inflationary pressure and increasing demand for silver use in the process of electrifying the global economy.
Mr. Lewis also believes that geopolitical risks could push energy prices up, thereby increasing inflationary pressure and continuing to support silver prices. In that context, this precious metal could attract investors' cash flow as an inflation risk hedging channel.
However, Mr. Lewis believes that for silver prices to break through stronger, the market still needs the interest rate level to continue to decrease. In the short term, silver is likely to fluctuate in a narrow range, similar to gold, as investors are waiting for new fundamentals to be strong enough to create momentum for the next upward trend.
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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