Vietnam Silver Prices Inch Up Amid Safe-Haven Demand
The price of silver bars and ingots in Vietnam has seen a slight increase due to rising demand for safe-haven assets. As of September 8, the Ancarat Gem Company listed the price of 2024 Ancarat 999 (1 tael) at VND 2.226 - 2.292 million per tael, with an increase of 6,000 VND/tael compared to yesterday morning. The company also listed the price of 2025 Ancarat 999 (1kg) at VND 58.8 - 60.62 million per kg.
The US Non-Farm Payroll report last week showed that the country's economy created 162,000 jobs in August, higher than expected. This solid labor market has led to a cautious outlook for the Federal Reserve's monetary policy, with investors anticipating less tight policy and potentially lower interest rates. However, high interest rates can be detrimental to silver prices due to its non-yielding nature.
The US Consumer Price Index (CPI) is expected to be released soon, which will help investors better assess inflation developments and predict the Federal Reserve's next steps. If inflation continues to fall, expectations of less tight monetary policy may support silver prices. Conversely, higher-than-expected inflation figures may strengthen the ability to maintain high interest rates, thereby putting pressure on precious metals.