Silver Prices Soar on US Treasury Bond Repurchase Program Announcement
Silver prices surged on August 20 in both domestic and global markets. In Vietnam, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company rose to 2.332 - 2.392 million VND/tael (buying - selling), an increase of 91,000 VND/tael on the buying side and 94,000 VND/tael on the selling side compared to the previous day.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company also increased to 61.386 - 63.286 million VND/kg (buying - selling), with a rise of 2.426 million VND/kg on the buying side and 2.506 million VND/kg on the selling side compared to yesterday morning.
According to precious metals analyst James Hyerczyk, the increase in silver prices was triggered by the US Treasury Department's announcement of doubling the long-term bond repurchase program from 2 billion USD to at least 4 billion USD. This move led to a decrease in 30-year term bond yields and the USD index, which were previously putting pressure on silver prices.
The weakening of these factors simultaneously allowed for a sharp increase in silver prices as previous sellers had to quickly buy back, pushing prices up.