Vietnam Silver Prices Soar Amid Market Recovery Hopes
Silver prices in Vietnam have seen a significant increase, with a gain of 60,000-62,000 VND per tael on the buying and selling sides respectively. As of August 11, at 11:05 am, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed between 2.326 - 2.386 million VND/tael.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company also saw a substantial increase, with prices rising by 1.602-1.652 million VND/kg on the buying and selling sides respectively. Similar increases were observed in other companies such as DOJI Jewelry Group Joint Stock Company and Phu Quy Jewelry Group.
According to precious metals analyst Christopher Lewis, the recent price fluctuations indicate a possible further recovery of silver prices. Lewis notes that the current price has surpassed the peak set in early July, suggesting strong market momentum. He also emphasizes the importance of interest rates, which are currently stable, and their potential impact on precious metal prices.
However, Lewis cautions that if the price turns down, 60 USD/ounce may become a noteworthy support zone, as it has shown an important role in the development of silver prices in the past. The expert also highlights the relationship between the US dollar and silver, noting that a strong greenback can put pressure on the metal's price.