Silver Prices Plunge in Vietnam Amidst Global Market Volatility
The price of silver has declined in Vietnam as investors prioritize gold, a traditionally safe-haven asset during times of instability. According to Laodong.vn, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company dropped by 50,000 VND/tael on the buying side and 51,000 VND/tael on the selling side compared to yesterday morning. The price range is now listed between 2.266 - 2.334 million VND/tael (buying - selling).
The world silver price also fell, reaching a low of $67.65 USD/ounce as of 9:40 am on August 25 (Vietnam time), down 1.39 USD/ounce from yesterday morning.
Precious metals analyst James Hyerczyk notes that spot silver prices are currently around $69 USD/ounce, while gold prices have increased by 1.51%. However, he attributes the current trend of silver prices being under pressure to defensive cash flow focusing on assets considered safe havens like gold.
Hyerczyk also emphasizes that macroeconomic factors will heavily influence the trend of silver prices this week, particularly the US PCE inflation report and the speech of the Chairman of the US Federal Reserve (Fed). Additionally, new information related to sanctions policies may impact the USD and bond yields, affecting silver prices.
Although the weakening USD and falling bond yields create more favorable conditions for supporting silver prices, Hyerczyk believes that gold remains a leading metal in this trend, with Bitcoin and precious metals in general being closely monitored based on their ability to control long-term bond yields amidst continued public debt and budget deficits.