Silver Prices Plummet in Vietnam Amid Global Market Volatility

The price of silver has experienced an unexpected drop in Vietnam on August 18. According to Laodong.vn, the price of 999 silver at DOJI Jewelry Group Joint Stock Company was listed between 2,300 and 2,370 million VND per tael (buying - selling), down by 25,000 VND/tael on the buying side and 32,000 VND/tael on the selling side compared to the previous day. Similarly, Phu Quy Jewelry Group saw a price drop of 26,000 VND/tael on the buying side and 27,000 VND/tael on the selling side.

The global silver price was listed at 65.35 USD per ounce, down by 0.39 USD compared to the previous day. Analyst Christopher Lewis attributes this drop to a combination of factors including the US dollar's performance, interest rates, and geopolitical risks.

Lewis notes that the silver market had a slight positive reaction in its first trading session but lacked momentum to break through. He also warns that the upward momentum cannot last due to intertwined supporting and pressuring factors.