Domestic silver prices
As of 10:00 AM on September 7th, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2,220 - 2,286 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 58,650 - 60,460 million VND/kg (buying - selling); down 354,000 VND/kg on the buying side and down 374,000 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 2.278 - 2.378 million VND/tael (buying - selling); down 9,000 VND/tael in both directions 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 2.245 - 2.314 million VND/tael (buying - selling); an increase of 3,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 59.866 - 61.706 million VND/kg (buying - selling); an increase of 80,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 10:05 am on September 7 (Vietnam time), the world silver price was listed at 66.00 USD/ounce; down 0.09 USD compared to yesterday morning.
Causes and forecasts
In the past week, precious metal prices have been under pressure after the US August jobs report was more positive than expected. This figure has caused US Treasury bond yields to rise, while raising concerns that the US Federal Reserve (Fed) may continue to raise interest rates at the mid-September meeting.
The precious metals market may continue to be under pressure if inflation data released this week shows prices still rising. Conversely, if the producer price index (PPI) and consumer price index (CPI) are lower than expected, expectations that the Fed will temporarily stop raising interest rates will be strengthened.
Besides monetary policy, developments in the energy market continue to be a noteworthy factor for inflation and demand for safe assets. The global fuel market is volatile, while energy costs remain high.
For precious metals, these factors create opposite effects. Instability in the energy market may boost safe-haven demand, but rising energy costs also increase inflationary pressure, thereby affecting expectations about the interest rate policy of the US Federal Reserve (Fed).
If inflation continues to heat up, the Fed may maintain a high interest rate policy, thereby increasing the opportunity cost of holding gold and silver.
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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