Domestic silver prices
As of 9:50 am on September 8, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.226 - 2.292 million VND/tael (buying - selling); an increase of 6,000 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 58,800 - 60.620 million VND/kg (buying - selling); an increase of 150,000 VND/kg on the buying side and an increase of 160,000 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 - 2.396 million VND/tael (buying - selling); an increase of 18,000 VND/tael in both buying and selling 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 2,250 - 2,320 million VND/tael (buying - selling); an increase of 5,000 VND/tael on the buying side and an increase of 6,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 59.999 - 61.866 million VND/kg (buying - selling); an increase of 133,000 VND/kg on the buying side and an increase of 160,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on September 8 (Vietnam time), the world silver price was listed at 66.68 USD/ounce; an increase of 0.68 USD compared to yesterday morning.
Causes and forecasts
The US Non-Farm Payroll (NFP) report last week showed that the country's economy created 162,000 jobs in August, significantly higher than the market's forecast of 56,000 jobs.
The above figures show that the US labor market is still relatively solid, thereby creating more room for the US Federal Reserve (Fed) to maintain tight monetary policy. In addition, the risk of inflation increasing due to rising energy prices also makes the market more cautious about the possibility of the Fed maintaining or increasing interest rates in the near future.
High interest rates are often detrimental to silver because this precious metal does not generate yields. When US interest rates rise, the USD also tends to be supported, making silver more expensive for investors holding other currencies. This is a factor that can put pressure on silver prices.
However, the monetary policy outlook of the Fed still depends heavily on the economic data to be released soon. Therefore, the market is focusing its attention on two important data: the Producer Price Index (PPI) and the US Consumer Price Index (CPI), expected to be released on Thursday and Friday respectively.
These figures will help investors better assess inflation developments and predict the Fed's next steps. If inflation continues to fall, expectations of less tight monetary policy may support silver prices. Conversely, higher-than-expected inflation figures may strengthen the ability to maintain high interest rates, thereby putting pressure on precious metals.
However, geopolitical tensions may limit the decline of silver by boosting demand for safe-haven assets. Therefore, silver prices are still affected by both safe-haven demand and pressure from high US interest rates and a strong USD.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
See more news related to silver prices HERE...
