Silver Prices Plummet Amid Fed Concerns and Rising Energy Costs
The price of silver has plummeted in recent sessions, with domestic prices dropping by up to 87,000 VND/tael on the selling side. The current price of 999 silver at DOJI Jewelry Group Joint Stock Company is listed at 2.202 - 2.299 million VND/tael (buying - selling), down from yesterday morning's prices. Similarly, Phu Quy Jewelry Group's 999 silver bars are priced at 2.179 - 2.246 million VND/tael (buying - selling), with a decline of 78,000 VND/tael on the selling side.
The world market is also experiencing downward pressure, with the price of silver listed at 63.59 USD/ounce as of September 2nd. This represents a drop of 2.94 USD/ounce compared to yesterday morning's prices. Market analyst Ghiles Guezout from FXStreet notes that the increased pressure on silver prices stems from concerns about the US maintaining tight monetary policy, which can be detrimental to precious metals.
The potential for higher interest rates has sparked worries among investors, who are adjusting their forecasts for the Fed's interest rate policy. Rising energy prices and tensions in the Middle East have further contributed to the uncertainty surrounding silver prices. The market is awaiting key economic data releases, including the US Institute for Supply Management's manufacturing PMI index and the non-farm payroll report, which could influence the Fed's decision-making process.