Domestic silver prices
As of 9:40 am on September 9, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2,210 - 2,276 million VND/tael (buying - selling); down 16,000 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 58.384 - 60.194 million VND/kg (buying - selling); down 416,000 VND/kg on the buying side and down 426,000 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 2.252 - 2.352 million VND/tael (buying - selling); down 44,000 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 2.237 - 2.306 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 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 59.653 - 61.493 million VND/kg (buying - selling); down 346,000 VND/kg on the buying side and down 373,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:40 am on September 9 (Vietnam time), the world silver price was listed at 66.02 USD/ounce; down 0.66 USD compared to yesterday morning.
Causes and forecasts
World silver prices slightly decreased in Tuesday's trading session after failing to maintain the upward momentum at the beginning of the session. This precious metal at one point reached nearly 67.19 USD/ounce but then retreated to around 66 USD/ounce.
The developments of silver are affected by rising oil prices, raising concerns that inflation may continue to be high. If price pressure persists, central banks may maintain high interest rates for a longer time.
High interest rates are often not favorable for silver, because this metal does not generate a fixed source of income like bonds or interest-bearing assets. When interest rates increase, investors tend to reconsider holding non-interest-generating assets.
The market is currently also increasing forecasts about the possibility that the US Federal Reserve (Fed) will continue to maintain tight monetary policy. After the positive US jobs report released last weekend, the CME FedWatch tool showed that the probability of the Fed raising interest rates by another 0.25 percentage points at the upcoming meeting is about 60%.
However, the decline of silver is still somewhat limited as the USD has not regained its strength.
In the near future, investors will focus on important US economic data. The producer price index (PPI) is expected to be released on Thursday, followed by the consumer price index (CPI) on Friday.
Data on production and consumer prices will provide more clues about inflation developments in the US, thereby affecting the Fed's policy expectations. The market will be particularly interested in whether these data strengthen or weaken the Fed's ability to adjust interest rates in the meeting on September 15-16.
For silver, the diễn biến of the USD, interest rates and monetary policy expectations continue to be important factors dominating prices in the short term.
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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