Silver Prices Plummet as US Interest Rates Keep Investors on Edge

The price of silver on July 24 continued to decline, reaching as low as $2.131 million VND/tael at DOJI Jewelry Group Joint Stock Company and $2.136 million VND/tael at Phu Quy Jewelry Group.

Compared to the previous day, the buying price dropped by 103,000 VND/tael and the selling price fell by 106,000 VND/tael at DOJI Jewelry Group, while Phu Quy Jewelry Group saw a drop of 101,000 VND/tael on the buying side and 104,000 VND/tael on the selling side.

The world silver price was listed at $57.3 USD/ounce as of July 24, down by $2.22 USD/ounce from the previous day's figure.

Analyst Christopher Lewis attributed the continued pressure on silver prices to high interest rates in the US, making borrowing costs increase and other asset yields more attractive, thus reducing the attractiveness of silver to investors.