Silver Prices Soar Amid Weakening Dollar and Falling Bond Yields

The price of silver has seen a significant increase in recent days, with various market factors contributing to this trend. As of August 23, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed between 2.315 - 2.384 million VND/tael (buying - selling), marking a rise of 92,000 VND/tael on the buying side and 104,000 VND/tael on the selling side compared to last month.

At Phu Quy Jewelry Group, the price of 999 silver bars (1 tael) was listed at 2.329 - 2.413 million VND/tael (buying - selling), showing an increase of 92,000 VND/tael on the buying side and 107,000 VND/tael on the selling side compared to last month.

According to precious metals analyst Christopher Lewis, the silver market has been affected by a decrease in bond yields and the weakening of the USD. As a result, silver prices have continued to rise this week, with many analysts predicting further growth if the 70 USD/ounce mark is convincingly surpassed.