Domestic silver prices
As of 9:15 am on August 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company is listed at the threshold of 2,258 - 2,316 million VND/tael (buying - selling); down 5,000 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 59.420 - 61.260 million VND/kg (buying - selling); down 134,000 VND/kg in both buying and selling directions compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.268 - 2.343 million VND/tael (buying - selling); down 14,000 VND/tael on the buying side and down 15,000 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 2,280 - 2,351 million VND/tael (buying - selling); down 4,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 60.799 - 62.693 million VND/kg (buying - selling); down 107,000 VND/kg on the buying side and down 106,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 7 (Vietnam time), the world silver price was listed at 62.17 USD/ounce; down 0.21 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices reversed and slightly decreased after two consecutive strong increase sessions. The reason is that three factors that supported the upward momentum of this precious metal all stalled at the same time, including the USD stopping weakening, stable US government bond yields and crude oil prices no longer falling.
According to precious metals analyst James Hyerczyk, the strong increase in silver prices in the previous session mainly came from investors buying heavily after the selling phase, and at the same time new cash flow appeared. However, when the USD, bond yields and oil prices no longer performed favorably, buying pressure gradually decreased and silver prices began to adjust.
This expert believes that the market is currently focusing on monitoring signals about monetary policy of the US Federal Reserve (Fed). Different views from Fed officials make the interest rate outlook in September still unclear. In that context, the US jobs report released at the end of the week is considered an important factor determining the next trend of silver prices.
According to Mr. Hyerczyk, if job data shows a weakening labor market and slow wage growth, the USD may continue to be under pressure, thereby creating conditions for silver to maintain its upward momentum. Conversely, if the report is positive, expectations of the Fed maintaining high interest rates will return, the USD and bond yields may recover, putting pressure on silver prices.
He also noted that if the current support zone is not maintained, while job data is more positive than expected, selling pressure may increase and cause the recent price increase to weaken rapidly.
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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