Silver Price Surges on Vietnam Market Amid Fed Rate Hike Expectations
The silver price has rebounded after adjustment in Vietnam, according to recent data from Laodong.vn. As of September 12 at 9:00 AM, the price of Ancarat 999 silver bars (1 tael) was listed between 2,180 - 2,245 million VND/tael at Ancarat Gem Company, a 41,000 VND/tael increase on the buying side and a 42,000 VND/tael increase on the selling side compared to the previous day. The price of silver ingots (1kg) was listed between 57.586 - 59.366 million VND/kg at Ancarat Gem Company, an increase of 1.09 million VND/kg on the buying side and a 1.12 million VND/kg increase on the selling side.
The data also shows that other companies, including DOJI Jewelry Group Joint Stock Company and Phu Quy Jewelry Group, have seen similar price increases for their silver products. The world silver price was listed at 64.36 USD/ounce as of September 12 (Vietnam time), a 0.99 USD increase compared to the previous day.
The market is under pressure due to expectations that the US Federal Reserve will raise interest rates in September, with a probability of over 72% according to the CME FedWatch tool. This has put downward pressure on silver prices, which are also affected by energy price movements and geopolitical instability.