Silver Prices Soar on Falling Oil Prices and Cooling Bond Yields

Silver prices saw a significant surge on August 5, leading the precious metal market upwards. At 8:50 AM Vietnam time, spot silver prices were trading around $59.7 per ounce.

The increase in silver prices was accompanied by a sharp rise in gold prices, which reached the threshold of $4,903 per ounce. The positive developments in both metals were supported by the drop in oil prices and the cooling down of US government bond yields.

The drop in oil prices was largely due to expectations of short-term oil supply disruption falling, causing energy prices to plummet. Brent oil prices fell 5.3% to around $79.36 per barrel, while US WTI oil prices dropped 5.7% to $75.77 per barrel.

The easing of geopolitical tensions also contributed to the decline in safe-haven demand for gold, resulting in silver recording a superior increase compared to gold in the session.