Silver price today August 7: Silver continues to increase

This morning, the world silver price increased slightly. Domestically, businesses simultaneously increased sharply. In particular, the Phu Quy silver price at Phu Quy Gold and Gemstone Group (Hanoi) led the increase.

Domestic silver price today

At 5:30 a.m. on August 6, Phu Quy silver price at Phu Quy Gold and Gemstone Group ( Hanoi ) was listed at VND 1,445,000/tael (buy) and VND 1,490,000/tael (sell), an increase of VND 16,000/tael for buying and VND 17,000/tael for selling compared to yesterday morning's trading session.

Also in Hanoi, surveying other trading locations, silver prices are currently listed at 1,186,000 VND/tael (buy) and 1,220,000 VND/tael (sell), an increase of 13,000 VND/tael for both buying and selling compared to yesterday morning's trading session.

In Ho Chi Minh City, silver prices followed the same trend, currently at VND1,188,000/tael (buy) and VND1,225,000/tael (sell), up VND13,000/tael for buying and VND13,000/tael for selling compared to yesterday morning's trading session.

Domestic silver price today

On the world market, according to giabac.net, at 05:28:24 on the morning of August 7, the listed silver price was at 37.871 USD/ounce, an increase of 0.071 USD/ounce compared to yesterday morning's trading session.

Previously, the listed silver price was at 37.84 USD/ounce; an increase of 0.42 USD compared to the morning of August 6.

The world silver price is equivalent to 994,000 VND/ounce for buying and 999,000 VND/ounce for selling, an increase of 2,000 VND/ounce for both buying and selling compared to yesterday morning's trading session.

Silver prices jumped after the Services PMI released by the Institute for Supply Management (ISM) came in lower than expected, indicating a slowdown in the US economy.

"This poor data has led to market expectations that the Federal Reserve (FED) may soon shift to an easing policy, which will support the price of silver, a non-yielding asset," said market analyst James Hyerczyk.

"If upcoming reports continue to show economic weakness, the likelihood of Fed easing will increase, helping silver break above $37.87/ounce and head towards the $39.53/ounce area."

The report also showed continued weakness in the services sector, with the employment index falling to 46.4 - the fourth decline in five months. New orders also fell to 50.3, while business activity fell to 52.6 from 54.2, suggesting slowing growth in services, he added.

Source: https://baolamdong.vn/gia-bac-hom-nay-7-8-bac-noi-da-tang-cao-386643.html