World silver prices increased due to the benefit of gold's recovery. Specifically, silver prices were listed at 37.11 USD/ounce; up 0.7 USD compared to yesterday morning.
Domestic silver price today
Today's silver price at Phu Quy Jewelry Group increased, listed at 1,424,000 VND/tael (buy) and 1,468,000 VND/tael (sell) in Hanoi . In addition, according to a survey at other trading locations in Hanoi, domestic silver prices remained unchanged for both buying and selling, currently listed at 1,149,000 VND/tael (buy) and 1,182,000 VND/tael (sell).
In Ho Chi Minh City, silver prices are stable, currently at VND1,151,000/tael (buy) and VND1,188,000/tael (sell).
World silver price today
On the world market, silver price is listed at 37.11 USD/ounce; up 0.7 USD compared to yesterday morning.
Silver prices surged on the back of a weaker dollar and growing expectations that the Federal Reserve will cut interest rates later this year. Silver also benefited from a rally in gold.
"The minutes of the Fed's June meeting showed that most officials favored cutting interest rates this year, even though rates are currently on hold. This has caused US government bond yields to fall sharply, reducing the opportunity cost of holding non-yielding assets such as silver," said market analyst James Hyerczyk.
On the other hand, US President Donald Trump's new tax decisions, especially the 50% tax on imported copper and goods from Brazil, have raised new concerns about inflation.
“If energy prices rise again, the risk of inflation will be higher, thereby boosting demand for safe-haven assets like silver,” said James Hyerczyk.
Additionally, the US dollar weakened, making silver more attractive to buyers using other currencies.
Source: https://baolamdong.vn/gia-bac-hom-nay-12-7-bac-the-gioi-tang-cao-382048.html
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