Silver Price Faces Pressure Ahead of Fed Interest Rate Decision

The silver price continues to struggle as investors await the US Federal Reserve's interest rate decision on September 16. The market is under pressure due to expectations of a potential interest rate hike, strong US dollar, and rising bond yields.

According to Phu Quy Jewelry Group, the domestic silver prices are listed at 2.188 - 2.256 million VND/tael (buying - selling) for 999 silver bars, an increase of 1,000 VND/tael in both directions compared to yesterday morning.

The world silver price is listed at 63.86 USD/ounce, up 0.36 USD/ounce compared to yesterday morning. The market experts attribute the pressure on silver prices to the fact that it does not generate yields and becomes less attractive when interest rates rise.