Domestic silver price
As of 9:35 a.m. on August 9, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.469 - 1.514 million VND/tael (buy - sell); an increase of 11,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.469 - 1.514 million VND/tael (buy - sell); an increase of 11,000 VND/tael for both buying and selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 39.173 - 40.373 million VND/kg (buy - sell); an increase of 294,000 VND/kg in both directions of buying and selling compared to yesterday morning.
World silver price
On the world market, as of 9:36 a.m. on August 9 (Vietnam time), the world silver price was listed at 38.32 USD/ounce; an increase of 0.2 USD compared to yesterday morning.
Causes and predictions
Silver prices have broken out thanks to the flow of money into safe-haven assets, driven by a tough move in US trade policy and growing expectations that the Fed will soon cut interest rates.
According to senior analyst Christopher Lewis, prices are currently fluctuating in the previous accumulation zone, so they still need to be closely monitored.
The $40/ounce mark could be the next target as it is the most recent peak, although it is not yet a record. If prices turn down from this zone, it will be the first negative signal in a long time, which could lead to a deeper correction - something many investors are even looking forward to, he said.
However, Christopher Lewis believes that economic developments are still a key factor to watch, because silver is both a precious metal and an industrial metal. In addition, trading volume is quite thin at this time, so the trend may fluctuate unexpectedly.
"This is not a good price for fake sales yet; that strategy should only be considered when prices fall below $35/ounce. In fact, reaching $40/ounce is still a big challenge" - Christopher Lewis expressed his opinion.
See more news related to silver prices HERE...
