Domestic silver price
As of 9:50 a.m. on August 7, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.451 - VND1.496 million/tael (buy - sell); an increase of VND10,000/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.451 - 1.496 million VND/tael (buy - sell); increased by 10,000 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 38.693 - 39.893 million VND/kg (buy - sell); an increase of 267,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:50 a.m. on August 7 (Vietnam time), the world silver price was listed at 37.98 USD/ounce; up 0.14 USD compared to yesterday morning.
Causes and predictions
The silver market continues to be supported, but has not really broken through. Currently, the trend of "buying when prices fall" is dominating, in the context of silver still having an opposite correlation with the US dollar (USD).
In the trading session on Wednesday, silver prices fluctuated quite tightly as the market tried to determine whether the price of 37.50 USD/ounce could be maintained.
This is an important support level, which was also a resistance zone before, said Christopher Lewis, senior market analyst. Therefore, the market is still skeptical about whether silver prices will continue to increase."
According to expert Christopher Lewis, if silver prices break out above the threshold of 38.50 USD/ounce, the increase could be extended to the $40/ounce zone. Conversely, if selling pressure is dominant, prices could retreat to 35.50 USD/ounce - the previously held support level.
Therefore, according to Christopher Lewis, the silver market is currently in line with the "buy when adjusting" strategy, especially in the context of a weak USD or positive signals from global trade.
Christopher Lewis commented that the silver market is also affected by the trend of gold. If gold continues to increase strongly, silver prices will likely follow. Although he still maintains a positive outlook, he also warned that the market will continue to fluctuate, and price adjustments could become a good opportunity for investors.
See more news related to silver prices HERE...
