Silver Prices Fluctuate Amid US CPI Expectations
Silver prices fluctuated on August 12 in Vietnam, with a drop of 2,000 VND/tael for both buying and selling directions compared to yesterday morning. At Phu Quy Jewelry Group, the price of 999 silver bars (1 tael) was listed at the threshold of 2.338 - 2.410 million VND/tael.
On the world market, as of 10:15 am on August 12 (Vietnam time), the world silver price was listed at 64.89 USD/ounce; down 1.31 USD/ounce compared to yesterday morning.
Precious metals analyst James Hyerczyk noted that silver prices rose sharply last week, mainly due to expectations of interest rate changes after negative US jobs data. However, the upward momentum is facing obstacles as the price approaches the 52-week moving average at around 65.53 USD/ounce.
Hyerczyk believes that US CPI will be an important catalyst for silver prices. If inflation is lower than expected, expectations about the possibility of the US Federal Reserve (Fed) reducing interest rates may increase, creating more room for silver prices to recover.