Today's silver prices show a surprising reversal and recovery in both domestic and international markets, thanks to a weakening US dollar.
Domestic market
Silver price today at Phu Quy Gold and Gemstone Group, silver price reversed to increase, listed at 1,419,000 VND/tael (buy) and 1,494,000 VND/tael (sell) in Hanoi .
In addition, according to a survey at other trading locations in Hanoi, domestic silver prices increased in both buying and selling directions, currently listed at VND 1,161,000/tael (buy) and VND 1,194,000/tael (sell).
In Ho Chi Minh City, silver prices also increased, currently at 1,163,000 VND/tael (buy) and 1,200,000 VND/tael (sell).
World silver prices increased sharply in both buying and selling directions, currently at 971,000 VND/ounce (buy) and 976,000 VND/ounce (sell).
World market
On the world market, silver price is listed at 36.76 USD/ounce; up 0.2 USD compared to the morning of August 2.
Silver prices fell for several consecutive sessions but then quickly recovered. According to senior market analyst Christopher Lewis, this development shows that silver prices are trying to find a balance around support levels.
"The US non-farm payrolls report was disappointing, with only 73,000 new jobs created, less than half the expected figure of 106,000. This information has put pressure on the US dollar (USD), and that could create an advantage for silver prices in the short term. If the USD continues to weaken, the recovery trend of silver will be further strengthened," said Christopher Lewis.
However, the expert also noted that if the silver price falls below the threshold of 36 USD/ounce, this will be a negative signal.
Source: https://baolamdong.vn/gia-bac-hom-nay-3-8-dao-chieu-hoi-phuc-386221.html
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