Vietnam Silver Prices Surge as World Price Reaches $69.04
The price of silver bars and ingots in Vietnam has increased sharply in recent sessions. As of August 24, at 9:20 am, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed between 2.316 - 2.385 million VND/tael, up 1,000 VND/tael from the previous day. The same product at Phu Quy Jewelry Group was priced between 2.327 - 2.399 million VND/tael, down 14,000 VND/tael on the selling side compared to yesterday morning.
The price of 999 silver ingots (1kg) also saw an increase, with Ancarat Gem Company listing them at 61.184 - 63.074 million VND/kg, up 130,000 VND/kg from the previous day's buying price. However, Phu Quy Jewelry Group listed their 999 silver ingots at 62.053 - 63.973 million VND/kg, down 373,000 VND/kg on the selling side compared to yesterday morning.
On the world market, the price of silver was listed at $69.04 USD/ounce as of August 24, up $0.07 USD/ounce from the previous day's price. Analyst Muhammad Umair notes that a weakening USD is boosting demand for tangible assets, but also warns that the recovery of the USD could be a major risk to the upward momentum of silver prices.