Silver prices remain steady at Ancarat Vietnam JSC, listed at VND 1,573,000/lượng (buy) and VND 1,612,000/lượng (sell) in Hanoi, a VND 3,000 increase in both buying and selling prices compared to the previous session. In other areas of Hanoi, silver prices saw a slight decrease.
Meanwhile, the price of 999 silver bars is VND 40,894,000/thỏi (buy) and VND 41,874,000/thỏi (sell), updated as of 8:01 am on September 5th.
Silver prices remain elevated as investors heavily back the possibility of a Federal Reserve rate cut in September, while closely monitoring long-term US Treasury bond yields, which have surpassed 5% at times.
According to analyst James Hyerczyk, surpassing the resistance level of $40.93 per ounce has opened up the prospect of silver advancing to the $44.22 per ounce level. “However, the market may also experience short-term adjustments. Traders are advised to exercise caution in the face of unexpected fluctuations, especially amid heightened political risks,” he added.
The CME FedWatch tool indicates a 92% probability of a 25-basis-point cut in the Fed funds rate at the September 17 meeting. This expectation further bolsters the appeal of gold and silver as attractive safe-haven investments in a low-interest-rate environment. Additionally, the US dollar’s loss of over 9% since the beginning of the year has become a significant driver, attracting more international capital to this precious metal.
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