Silver bars and a stack of coins
According to Phu Quy Gemstone and Gold Corporation, the buying and selling prices of 999 silver are VND 1,451,000/tael and VND 1,496,000/tael, respectively, in Hanoi. The price of silver has increased, bringing about a 2% profit for buyers within just one week.
Meanwhile, the buying and selling prices of 1kg 999 silver bars are VND 38,693,237/bar and VND 39,893,234/bar, respectively, as of 8:26 am on August 7th.
In the global market, the price of silver reached USD 37.95/ounce.
A graph showing the price of silver over time
Silver remained around USD 37.80/ounce on August 6th, following three consecutive sessions of gains, as expectations for the Federal Reserve to cut interest rates further increased. The US ISM Services PMI came in below expectations, indicating a slowdown in US economic growth, weakening employment, and persistent price pressures. These signs suggest a cooling labor market following last week’s weaker-than-expected payroll report.
The market is currently pricing in two Fed rate cuts by the end of the year, with the first potentially taking place in September. San Francisco Fed President Mary Daly echoed this dovish tone, citing labor market softness and the limited inflation impact of Donald Trump’s tariffs.
Silver also received a boost from political uncertainty following the resignation of Fed Governor Adriana Kugler, raising concerns about the central bank’s independence and presenting an opportunity for President Donald Trump to appoint a successor.
“August 6th: Official Exchange Rate Rises by 13 Units”
On August 6, the State Bank of Vietnam (SBV) set the daily reference exchange rate at 23,232 VND per USD, an increase of 13 VND compared to the previous day’s closing rate.
Gold Prices Maintain Uptrend Amid Fed Rate Cut Expectations
The price of gold surged on Friday after a disappointing jobs report from the U.S. Labor Department. The report, which fell short of expectations, revealed a sluggish jobs market with a mere 132,000 non-farm jobs added in July. This prompted a rush to safe-haven assets, with gold leading the charge.
Will Interest and Exchange Rates Cool Off by Year-End?
The Fed’s decision to maintain the USD interest rate at 4.5% could result in the USD/VND exchange rate remaining elevated around 26,400/26,500 in Q3, with a slight decrease towards the year-end. This may also curb commercial banks’ ability to significantly lower deposit and lending rates.
The Job Market in Q2 2025: Solving the “Mismatch” Puzzle, Sustaining Stability, and Facilitating Effective Connections.
Despite an impressive GDP growth rate of 7.52% in the first half of 2025, Vietnam’s labor market faces the challenge of redundancies. To counter this, strategies must focus on boosting workforce morale, retaining top talent, and stabilizing the labor market through to the end of 2025.
“What’s Next for the Stock Market in August After Hitting a New Peak?”
The Vietnamese stock market, after a robust rally and hitting new highs in late July, is expected to remain promising in August, according to experts. However, investors should brace for more frequent bouts of volatility and turbulence.
