Silver Prices Plummet after Fed's Tough Statements
The silver market experienced a sharp decline on August 29th due to the US Federal Reserve's tough statements, causing US bond yields to rise and putting pressure on the precious metal.
Domestically, silver prices decreased significantly, with the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company listed at 2.195 - 2.261 million VND/tael, down 99,000 VND/tael on the buying side and down 102,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company was listed at 58.004 - 59.794 million VND/kg, down 2.63 million VND/kg on the buying side and down 2.72 million VND/kg on the selling side compared to yesterday morning.
Market analyst Christian Borjon Valencia attributed the decline in silver prices to the increased US Treasury bond yields, saying 'increased bond yields often put pressure on non-performing assets like silver.'