Domestic silver price
As of 10:00 on September 8, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.563 - 1.611 million VND/tael (buy - sell); down 16,000 VND/tael for buying and down 17,000 VND/tael for selling compared to yesterday morning.
The price of 999 gold bars (1 tael) at Phu Quy Jewelry Group was listed at 1.563 - 1.611 million VND/tael (buy - sell); down 16,000 VND/tael for buying and down 17,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 41.679 - 42.959 million VND/kg (buy - sell); down 427,000 VND/kg for buying and down 454,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 10:00 a.m. on September 8 (Vietnam time), the world silver price was listed at 40.7 USD/ounce; down 0.27 USD compared to yesterday morning.
Causes and predictions
Over the past week, silver prices rose 3.27% - to their highest level since 2011 and extended a 5-week streak of increase. According to analyst James Hyerczyk, the main drivers come from expectations that the US Federal Reserve (FED) will soon cut interest rates, reduce bond yields and weaken the US dollar (USD).
"Siliver is approaching the key resistance zone of $44.22 an ounce, showing that buyers still dominate despite concerns about industrial demand," said James Hyerczyk.
However, the expert said that silver is still held back by concerns about weak demand in electronics, solar energy and cars, as the US economy grows slowly and customs instability continues.
"These concerns about weak demand make silver less prominent than gold despite favorable interest rates," he said.
James Hyerczyk added that silver remains above the support level of 39.96 USD/ounce, with deeper support levels at 36.31 and 35.28 USD/ounce. The next target is 44.22 USD/ounce - a strong resistance zone.
"Investors should maintain long-term buying positions, but should take profits partially when prices approach 44.22 USD/ounce and closely monitor economic data - especially signals of industrial demand - to promptly adjust the strategy" - James Hyerczyk expressed his opinion.
See more news related to silver prices HERE...
