Silver Prices Increase in Vietnam Amid Global Uncertainty
The price of silver has increased again in Vietnam, but it's still under pressure. As of August 3 at 9:15 am, the price of 2024 Ancarat 999 silver bars (1 tael) was listed between 2.148 and 2.203 million VND/tael (buying - selling), an increase of 19,000 VND/tael from the previous day. This is a similar trend seen at other companies such as DOJI Jewelry Group Joint Stock Company and Phu Quy Jewelry Group.
The world silver price also saw an increase, reaching 58.06 USD/ounce as of August 3 at 9:15 am (Vietnam time), up 0.65 USD/ounce from the previous day. However, despite this recovery, analysts warn that silver prices are under pressure due to high interest rates and geopolitical tensions in the Middle East.
According to Christopher Lewis, a precious metals analyst, the market is still likely to recover but the short-term trend remains unclear. He notes that the 50 USD/ounce area is an important support zone for silver prices, and if the price continues to hold above this level, the long-term outlook for silver will be maintained.