Silver prices soar, offering lucrative returns to investors.
According to data from Phu Quy Gemstone and Gold Group, silver prices are on the rise, with silver 999 quoted at VND 1,578,000/tael (buying) and VND 1,627,000/tael (selling) in Hanoi. This continues the upward trajectory, offering a 54.3% return to investors over the past year, outperforming gold’s 50.48% gain.
Meanwhile, the 999 silver bar is priced at VND 42,097,895/kg (buying) and VND 43,386,558/kg (selling), as of 08:10 on September 4th.
Globally, silver prices surged to USD 41.09/ounce.
Silver surpasses the $41/ounce mark, signaling a bullish market and strong investor confidence.
Silver’s breakthrough above $41/ounce, closing the week at its highest level in over 11 years, is seen by analysts as a confirmation of a breakout from a prolonged consolidation phase. This strengthens the bullish case for buyers. The market also anticipates a Federal Reserve rate cut this month, with a 92% probability priced in.
According to James Hyerczyk, the successful conquest of the $39.53/ounce level, which had capped prices since July, opens the door for silver to target the $44.22/ounce region if market conditions remain favorable. This is considered a significant turning point, both technically and psychologically, as investors gain confidence in the long-term upside potential of this precious metal.
However, senior analyst Christopher Lewis cautions that a rapid price increase heightens the risk of a downward correction.
“In the last three sessions, silver has consistently climbed, now approaching the upper boundary of the price channel and the critical $42/ounce level. This level is closely watched by investors, as selling pressure could push prices back towards the $40/ounce region, which previously acted as resistance,” notes Christopher Lewis.
In reality, Christopher Lewis believes that the primary trend remains upward, with a more distant target of $50/ounce. Historical price patterns suggest that silver tends to rise for 2-4 consecutive sessions before consolidating before resuming its trend.
No More Waiting to Buy Gold, Now It’s Silver’s Turn
Amid the relentless surge in global gold and silver prices, domestic prices of these precious metals have also skyrocketed to unprecedented levels. In a notable development, following the frenzy of gold buyers queuing up, a similar scene is now unfolding with long lines of people eagerly waiting to purchase silver.
Silver Prices in Vietnam Soar to All-Time High
Today, silver prices soar to new heights, reaching unprecedented levels both domestically and internationally.
“Silver Prices Hold Firm, Awaiting Interest Rate Policy”
Today, silver prices in the domestic and global markets witnessed a slight fluctuation while sustaining their upward trend.
Silver Prices Slip Slightly
Today, silver prices in the domestic and global markets witnessed a slight dip but remain firmly anchored at elevated levels.
