Vietnam Silver Prices Bounce Back Amid Global Economic Uncertainty
Silver prices have reversed to increase in Vietnam's latest trading session, but market analysts say the upward momentum is still affected by high interest rates and geopolitical risks. The price of 999 silver bars at Phu Quy Jewelry Group rose by 25,000 VND/tael on the buying side and 26,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots at Phu Quy Jewelry Group also saw an increase, rising by 666,000 VND/kg on the buying side and 693,000 VND/kg on the selling side. Meanwhile, the world silver price as of August 4 was listed at 58.7 USD/ounce, up 0.64 USD/ounce compared to yesterday morning.
Precious metals analyst Christopher Lewis attributes the fluctuation in silver prices to high interest rates, which make silver less attractive to investors. However, he notes that physical silver demand remains positive, particularly from the industrial sector.