Domestic silver prices
As of 9:05 am on August 6, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of VND 2,282 - 2,358 million/tael (buying - selling); an increase of VND 79,000/tael on the buying side and an increase of VND 82,000/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 2.284 - 2.355 million VND/tael (buying - selling); an increase of 74,000 VND/tael on the buying side and an increase of 77,000 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 60.906 - 62.799 million VND/kg (buying - selling); an increase of 1.973 million VND/kg on the buying side and an increase of 2.053 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:05 am on August 6 (Vietnam time), the world silver price was listed at 62.38 USD/ounce; an increase of 2.55 USD/ounce compared to yesterday morning.
Causes and forecasts
The increase in silver is supported by a series of macroeconomic factors. Oil prices fell, US 10-year government bond yields fell from nearly 4.75% to about 4.60%, while the USD continued to weaken. When three factors that once put pressure on the precious metal simultaneously cooled down, silver prices had conditions to break through strongly.
According to precious metals analyst James Hyerczyk, silver prices increased by about 3.3%, to nearly 61.5 USD/ounce in the trading session on Wednesday. He said that this is not simply a technical recovery but reflects the real buying power of investors - something the silver market has lacked recently.
This expert believes that the current increase does not stem from industrial demand or supply shortages, but mainly from the market reversing expectations about interest rates. Many investors who previously shortlisted silver had to close their positions, then new buying cash flow appeared, contributing to accelerating the price increase.
However, Mr. Hyerczyk noted that the upward trend of silver still depends heavily on economic and geopolitical developments. If oil prices remain low, bond yields stabilize and the USD continues to weaken, silver will continue to be supported. Conversely, if energy prices rebound or US economic data becomes more positive, causing expectations of the Fed holding high interest rates to return, silver prices may be under adjustment pressure.
According to him, the US jobs report released at the end of the week will be an important factor determining the next trend of the market. If the labor market continues to weaken, expectations of the Fed easing policy will increase, creating more momentum for silver prices. Conversely, positive job data may cause bond yields and the USD to recover, thereby putting pressure on this precious metal.
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...
