Vietnam Silver Prices Surge as US Dollar Weakens
Silver prices rose in both domestic and international markets on August 6, as the US dollar weakened and bond yields fell. In Vietnam, the price of 999 silver at DOJI Jewelry Group Joint Stock Company reached VND 2,282 - 2,358 million/tael (buying - selling), an increase of VND 79,000/tael on the buying side and an increase of VND 82,000/tael on the selling side compared to yesterday morning. At Phu Quy Jewelry Group, the price of 999 silver bars was listed at the threshold of 2.284 - 2.355 million VND/tael (buying - selling), with an increase of 74,000 VND/tael on the buying side and an increase of 77,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots at Phu Quy Jewelry Group was listed at 60.906 - 62.799 million VND/kg (buying - selling), with an increase of 1.973 million VND/kg on the buying side and an increase of 2.053 million VND/kg on the selling side compared to yesterday morning. On the world market, the price of silver was listed at 62.38 USD/ounce, an increase of 2.55 USD/ounce compared to yesterday morning.
The increase in silver prices is attributed to a series of macroeconomic factors, including falling oil prices and weakening US dollar. Precious metals analyst James Hyerczyk noted that the current trend does not stem from industrial demand or supply shortages but rather from the market reversing expectations about interest rates.