Vietnam Silver Prices Plummet as Stronger USD Cuts Demand

The price of silver in Vietnam has seen significant fluctuations over the past month. As of September 6, the price of 2024 Ancarat 999 silver bars at Ancarat Gem Company was listed between 2.233-2.300 million VND/tael (buying-selling), a decrease of 30,000 VND/tael on the buying side and 21,000 VND/tael on the selling side compared to last month.

The price of silver ingots at Ancarat Gem Company also saw a decline, with a 1kg ingot listed between 59.004-60.834 million VND/kg (buying-selling), down 550,000 VND/kg on the buying side and 560,000 VND/kg on the selling side.

Other major silver sellers in Vietnam, such as DOJI Gold and Gems Group Joint Stock Company and Phu Quy Jewelry Group, also reported similar price decreases. The world market saw a simultaneous drop in silver prices, with the US dollar strengthening following positive August jobs data in the US.