Vietnam's Silver Prices Skyrocket Amid Market Expectations

Silver prices have surged across Vietnam, exceeding half a million dong per kilogram. The price of silver bars from major trading companies such as Phu Quy Gold, Silver and Gemstone Group has increased by 22,000 VND/ounce in the buying price and 23,000 VND/ounce in the selling price compared to last weekend's closing price. This brings the new prices to 2.157-2.224 million VND/ounce (buy - sell).

The price of silver ingots from Phu Quy has also risen, with a listed price at 57.519-59.306 million VND/kg (buy - sell), an increase of 586,000 VND/kg in the buying price and 613,000 VND/kg in the selling price compared to last week's closing prices.

Sacombank's Gold, Silver and Gemstone Company Limited also saw an increase in silver bar price by 3,000 VND/ounce and a rise of 80,000 VND/kg in the buying price and selling price for their silver ingots.

On the international market, the spot price of silver is trading at $58 per ounce, up 0.9% from the previous session. Analyst James Hyerczyk attributes the recovery to the market adjusting its expectations for the September policy meeting, stating that silver prices are typically more significantly impacted by fluctuations in the US dollar and monetary policy expectations than by interest rate decisions.

From a technical perspective, the spot price of silver is still trading around the key support zone of $57-58 per ounce. If it holds above this level, the precious metal may head towards resistance levels at $60.84/ounce and $60.94/ounce, respectively.