Domestic silver prices
As of 9:15 am on August 8, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company is listed at the threshold of 2,284 - 2,343 million VND/tael (buying - selling); an increase of 26,000 VND/tael on the buying side and an increase of 27,000 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 60,120 - 61,980 million VND/kg (buying - selling); an increase of 700,000 VND/kg on the buying side and an increase of 720,000 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 2.296 - 2.372 million VND/tael (buying - selling); an increase of 28,000 VND/tael on the buying side and an increase of 29,000 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 2.301 - 2.372 million VND/tael (buying - selling); an increase of 21,000 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 the threshold of 61.359 - 63.253 million VND/kg (buying - selling); an increase of 560,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:15 am on August 8 (Vietnam time), the world silver price was listed at 63.44 USD/ounce; an increase of 1.27 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices rose sharply in the last trading session of the week after the US jobs report was weaker than expected, pulling bond yields down and creating more momentum for the precious metal.
According to newly released data, the US economy lost 23,000 jobs in July, contrary to forecasts of an increase of about 85,000 jobs. This is the second time this year that the US labor market has recorded a decline in jobs. Data for May and June were also adjusted down significantly compared to the initial announcement.
According to precious metals analyst Christopher Lewis, disappointing job data has caused US bond yields to fall, thereby supporting a sharp increase in silver prices.
However, silver prices are facing an important resistance level, corresponding to the average price of the last 200 trading days. According to experts, if it passes this zone, silver prices may expand their gains to 70 USD/ounce.
In the opposite direction, 60 USD/ounce is considered an important support zone. Short-term corrections of silver prices are still receiving buying power around this zone. If the support level is maintained, the recovery prospects of the precious metal will be strengthened.
Expert Lewis also noted that developments in the Middle East could affect the bond market, thereby increasing the volatility of silver prices.
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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