Silver Prices Surge in Vietnam as Buying Power Maintains Uptrend
The price of silver has seen significant fluctuations in recent sessions, with a notable shift towards strong increases. As of August 11 at 11:05 am Vietnam time, the price of 2024 Ancarat 999 silver bars (1 tael) was listed at 2.326 - 2.386 million VND/tael for buying and selling, representing an increase of 60,000 - 62,000 VND/tael compared to yesterday morning.
Similarly, the price of 2025 Ancarat 999 silver ingots (1kg) was listed at 61,236 - 63,126 million VND/kg for buying and selling, showing an increase of 1.602 - 1.652 million VND/kg compared to yesterday morning.
According to precious metals analyst Christopher Lewis, the slight increase in silver prices indicates a possible further recovery after recent price increases. The analyst notes that if the silver price continues to rise, it may surpass the 70 USD/ounce mark, which is considered an important psychological support zone.
However, Lewis also cautions that interest rates and the strength of the US dollar can impact silver prices. Historically, rising interest rates have put pressure on precious metals, including silver. The analyst suggests that investors closely monitor these factors before making a decision.