Silver price fluctuation 9.8: Domestic silver increases by up to 4.5 million VND/kg after a week

Domestic silver prices

As of 9:15 am on August 9, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed at the threshold of 2.284 - 2.343 million VND/tael (buying - selling); an increase of 155,000 VND/tael on the buying side and an increase of 159,000 VND/tael on the selling side compared to a week ago.

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 4.11 million VND/kg on the buying side and an increase of 4.24 million VND/kg on the selling side compared to a week ago.

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 166,000 VND/tael on the buying side and an increase of 171,000 VND/tael on the selling side compared to a week ago.

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 166,000 VND/tael in both buying and selling directions compared to a week ago.

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 4.426 million VND/kg on the buying side and an increase of 4.56 million VND/kg on the selling side compared to a week ago.

World silver price

On the world market, as of 9:15 am on August 9 (Vietnam time), the world silver price was listed at 63.44 USD/ounce; an increase of 6.03 USD/ounce compared to a week ago.

Causes and forecasts

Silver prices rose sharply in the last session of the week as the US July jobs report was weaker than expected, reducing the possibility of the US Federal Reserve (Fed) raising interest rates in September.

According to precious metals analyst James Hyerczyk, the increase in silver prices mainly stems from interest rate expectations. The latest US jobs report has caused investors to reduce bets on the possibility of the Fed continuing to tighten monetary policy.

The US economy lost 23,000 non-farm jobs in July, while experts previously predicted an increase of about 83,000 jobs.

Average hourly income increased by 3.2% compared to the same period, lower than the forecast of 3.5%. The rate of labor force participation also decreased from 61.5% to 61.4%.

These figures show that the US labor market is showing signs of weakening. This is a factor causing investors to reduce expectations that the Fed will raise interest rates in the September meeting.

According to Mr. Hyerczyk, the increase in silver prices in the last session of the week was a clear reaction to changes in interest rate expectations.

Previously, silver prices were under pressure from high crude oil prices, US bond yields remained high, and debates about the possibility of the Fed continuing to tighten monetary policy.

However, the weaker-than-expected jobs report changed market sentiment. US Treasury bond yields fell, while the USD was under pressure, creating more momentum for silver prices.

In addition, the decrease in crude oil prices last week also supported silver prices. The decrease in oil prices helped reduce inflationary pressure, while further weakening arguments about the Fed needing to continue raising interest rates.

The combination of falling oil prices, falling bond yields and weakening the USD has boosted silver buying activity. Investors who previously bet on falling prices may also have to buy in to close positions, thereby creating more momentum for the market.

In the coming week, the silver price outlook will continue to depend on the diễn biến of oil prices and the USD. If oil prices rise again or Fed officials make tougher statements on interest rates, profit-taking pressure may appear after the recent strong increase.