Vietnamese Silver Prices Plummet 4% Amid Strong USD and Interest Rate Hopes

Silver prices plummeted in Vietnam on August 30, dropping by as much as 4% compared to the previous week. The price of 999 silver bars at Phu Quy Jewelry Group was listed between 2.206-2.274 million VND/tael (buying-selling), down from the previous week's prices. Similarly, the price of 999 silver ingots at Phu Quy Jewelry Group dropped to 58.826-60.639 million VND/kg (buying-selling). On the world market, the price of silver was listed at 66.28 USD/ounce, a decline of 2.69 USD/ounce from the previous week.

The sharp drop in silver prices can be attributed to the recent statements by US Federal Reserve Chairman Kevin Warsh, who said that the Fed still has much work to do to control inflation. Additionally, precious metals analyst James Hyerczyk noted that other factors such as a sharp increase in the USD and concerns about industrial demand are also putting pressure on silver prices.

The market's probability of forecasting the Fed to raise interest rates in September increased from 35.4% to 57.5% after just one trading session, further contributing to the decline in silver prices.