Vietnam Silver Prices Plummet as USD Weakness Supports Market
The price of silver has experienced an unexpected drop on August 10, according to Laodong.vn. The domestic silver prices listed by DOJI Jewelry Group Joint Stock Company were at the threshold of 2,270 - 2,345 million VND/tael (buying - selling), down 26,000 VND/tael on the buying side and down 27,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was also listed at the threshold of 2.275 - 2.345 million VND/tael (buying - selling), down 26,000 VND/tael in both buying and selling directions compared to yesterday morning.
Despite the weakening USD, expectations of the Fed reducing the possibility of raising interest rates in September have created favorable conditions for silver prices. According to currency and precious metals analyst Muhammad Umair, 'the long-term outlook for silver remains positive as the price remains above 30 USD/ounce.'