Silver Prices Plummet on Strengthening US Dollar and Rising Bond Yields
The price of silver plummeted on September 15th due to the strengthening US dollar and rising US bond yields. The domestic price of silver bars fell, with a 1 tael bar at Ancarat Gem Company listed at 2.163 - 2.228 million VND, down 11,000 VND from the previous day. Similarly, the price of silver ingots also decreased, with a 1kg ingot at Ancarat Gem Company listed at 57.144 - 58.914 million VND/kg, down 282,000 VND on the buying side and 292,000 VND on the selling side from yesterday morning.
The world silver price also fell, trading around the threshold of 63 USD/ounce. The market is awaiting the Fed's interest rate decision, with traders assessing the possibility of a 0.25 percentage point rate hike to around 86%. Rising interest rates can be detrimental to silver as it does not yield yields.