Vietnamese Silver Prices Soar as US Interest Rate Hints Boost Precious Metals

The price of silver has fluctuated in Vietnam, with significant increases across various marketplaces. As of September 4th at 10:10 am, the price of Ancarat 999 silver bars (1 tael) at Ancarat Gem Company was listed between 2.233 and 2.300 million VND/tael (buying - selling), representing a 15,000 to 16,000 VND/tael increase from the previous day.

Similarly, the price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company saw an increase of 408,000 to 428,000 VND/kg compared to yesterday morning. The DOJI Jewelry Group Joint Stock Company listed its 999 silver bars (1 tael) at a threshold of 2.305 to 2.405 million VND/tael, with both buying and selling prices increasing by 33,000 VND/tael from the previous day.

The Phu Quy Jewelry Group reported an increase in its 999 silver bars (1 tael) price, listed at 2.260 to 2.330 million VND/tael, with a corresponding rise in buying and selling prices. The world market saw a significant increase as well, with the global silver price rising by 0.89 USD/ounce to reach 66.7 USD/ounce.

Precious metals analyst James Hyerczyk attributed the upward trend in silver prices to the US Federal Reserve Governor Christopher Waller's indication that interest rates might remain unchanged in September, causing a decrease in the USD and US Treasury bond yields. This led to a surge in demand for precious metals like silver.

Hyerczyk further noted that if silver prices break through the 67.25-68.17 USD/ounce range, it could signal increased upward momentum towards targets at 72.08 USD/ounce and 72.67 USD/ounce. Conversely, failure to surpass this threshold may indicate a lack of strong buying pressure or the return of selling pressures, potentially leading to price adjustments downwards.