Silver Prices Struggle to Break Through 70 USD/ounce Barrier
The price of silver has been under downward pressure on August 28 in Vietnam. The Ancarat Gem Company listed the price of silver bars 2024 Ancarat 999 at 2.294-2.363 million VND per tael (buying-selling), down 19,000 VND/tael from the previous day. The same company also listed the price of silver ingots 2025 Ancarat 999 at 60.634-62.514 million VND per kilogram (buying-selling), down on both buying and selling sides compared to the previous day.
The DOJI Jewelry Group Joint Stock Company listed the price of 999 silver at 2.347-2.447 million VND per tael, while Phu Quy Jewelry Group listed it at 2.319-2.391 million VND per tael. The prices of both companies were down from the previous day.
Experts believe that the market is waiting for clearer signals about the US Federal Reserve's interest rate policy. Christopher Lewis, a precious metals analyst, noted that silver prices are often sensitive to interest rates and the movement of the USD. If the Fed sends a moderate signal, it may create more momentum for silver prices.
Lewis also mentioned that if the Fed's signal is favorable, silver prices are likely to surpass the 70 USD/ounce mark. However, he cautioned that this may take about six months and advised investors to be cautious in the present market.