Silver price at the close of the session on August 28: Sharp increase, exceeding 70 USD/ounce

    Khương Duy |

    Silver price at the close of the session on August 28: Simultaneously increasing in both domestic and world markets. World silver price regained the threshold of 70 USD/ounce.

    Domestic silver prices

    Cập nhật giá bạc tại một số đơn vị kinh doanh bạc trong nước.Bảng: AI
    Update on silver prices at some domestic silver trading units. Table: AI

    World silver price

    As of 6:20 PM, world silver prices are listed around the threshold of 70.2 USD/ounce, a sharp increase of 2.07 USD/ounce compared to the previous day.

    Diễn biến giá bạc thế giới những phiên gần đây. Biểu đồ: AI
    Developments in world silver prices in recent sessions. Chart: AI

    Silver price forecast

    Silver prices rose in today's trading session as the market awaits new monetary policy signals from the US Federal Reserve (Fed). The current focus is Fed Chairman Kevin Warsh's speech at the Jackson Hole conference, where investors expect to find more clues about interest rate orientation in the near future.

    The developments of silver are strongly influenced by expectations about US monetary policy. The fact that PCE inflation in July increased by 3.7% compared to the same period last year shows that price pressure is still higher than the Fed's target of 2%, making the possibility of maintaining a high interest rate level still considered. The 10-year US Treasury bond yield is maintained around 4.7% and the stable USD is creating certain pressure on the group of precious metals.

    However, silver still receives support as the need to hedge against risks increases in the context of a still volatile market. Besides its role as a safe-haven asset in the same group as gold, silver also benefits from industrial demand, especially in the fields of renewable energy and technology.

    In the short term, the market is focusing on the message from the Fed. If the US central bank sends a softer signal on interest rates, the USD may weaken, thereby creating more momentum for silver prices. Conversely, signs that the Fed continues to prioritize controlling inflation may cause yields to increase, putting pressure on precious metals.

    Technically, silver prices are heading towards the important resistance zone around 69.98–71.21 USD/ounce. If it passes this zone, the upward trend may expand to the next targets at 73.71 USD/ounce and 74.34 USD/ounce. In the opposite direction, the near support zone is defined around 67.48 USD/ounce. If it loses this mark, silver prices may retreat to the 66.21 USD/ounce zone, or even deeper to 63.71 USD/ounce.

    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...

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