Vietnamese Silver Prices Drop as Global Market Sees Surge
The price of silver in Vietnam has declined, while the global market sees an increase. As of August 13, the price of silver bars at Ancarat Gem Company was listed between 2.296 - 2.355 million VND/tael (buying - selling), down 24,000 VND/tael from yesterday's morning prices. This decline is consistent across multiple companies, including DOJI Jewelry Group Joint Stock Company and Phu Quy Jewelry Group.
On the other hand, the global silver price has surged, rising by 0.68 USD/ounce to 65.57 USD/ounce as of August 13 (Vietnam time). This increase is attributed to a decrease in bond yields and July inflation data matching market forecasts, which suggests that the US Federal Reserve may reduce interest rates.
The Kitco analysis group believes that the current environment favors precious metals, with the USD weakening and oil prices remaining high. However, they also caution that the possibility of the Fed maintaining a cautious monetary policy could cause gold and silver prices to fluctuate sharply in the near future.