Silver Price Plunges Over 1.8 Million VND/kg Amid Strong Dollar and Fed Jitters

The silver price saw a sharp decline on July 28, falling by more than 1.8 million VND/kg. The decrease was observed at domestic trading units, with the world silver price listed at 57.15 USD/ounce as of 6:15 PM. This represents a drop of 1.96 USD/ounce compared to the previous day.

The market is under pressure due to the appreciating US dollar and cautious sentiment ahead of the US Federal Reserve's interest rate decision. Although silver had recovered with gold in the previous session, investors limited their new positions and waited for clearer signals about the monetary policy outlook.

Interest rates remain a significant risk factor for precious metals, with the market considering the possibility of a 25 basis points interest rate hike by the Fed at this meeting. A tight monetary policy would support bond yields and the US dollar, reducing the attractiveness of silver.