Silver Prices Soar Amid Weak Jobs Data and Falling Yields
On September 3rd, silver prices experienced a significant increase on both domestic and world markets. The price of silver bars at Ancarat Gem Company rose by 66,000 VND/tael on the buying side to 2.218 - 2.284 million VND/tael (buying - selling). In addition, the price of silver ingots at Ancarat Gem Company increased by 1.762 million VND/kg on the buying side to 58.596 - 60.406 million VND/kg.
The world silver price also saw a substantial increase, rising by 2.22 USD/ounce to 65.81 USD/ounce. This surge can be attributed to weaker-than-expected US private sector jobs data and decreased US Treasury bond yields, which supported the precious metals' recovery from intraday lows.
According to experts at Kitco, the market is now focusing on the upcoming US non-farm payroll report. However, the recent data has somewhat alleviated concerns about the possibility of continued tight monetary policy from the US Federal Reserve (Fed).