Silver price close to historical mark, Brent oil surpasses 68 USD/barrel

According to the Vietnam Commodity Exchange (MXV), the energy and metal group played a leading role in the market, in which silver price approached the historical mark, oil price exceeded 68 USD/barrel.

The push from these two groups helped the MXV-Index - a measure of global raw material price fluctuations - extend its upward streak to the third consecutive session, inching up nearly 0.4% to 2,225 points.

Metal commodity markets increased in price across the board. Source: MXV

According to MXV, 9/10 metal items increased in price yesterday, in which silver led the increase when approaching the psychological resistance zone of 40 USD/ounce, closing at 39.19 USD/ounce, up 1.23% and recording the second consecutive increase.

The main driver comes from expectations that the US Federal Reserve (FED) will soon loosen monetary policy to support growth.

The prospect of low interest rates pushed the USD down 0.43% to 97.81 points, thereby increasing the attractiveness of USD-priced assets such as silver. In addition, concerns about the impact of new US tariff policies also pushed money to seek precious metals as a valuable haven.

Domestically, silver prices recorded this morning, August 29, also increased sharply by about 1.7% in both buying and selling directions. In Hanoi , silver was traded at 1,239,000 VND/tael for buying and 1,273,000 VND/tael for selling; in Ho Chi Minh City, it fluctuated from 1,214,000 VND to 1,278,000 VND/tael.

Buying power dominates the energy commodity market. Source: MXV

According to MXV, the energy market yesterday witnessed overwhelming buying power with 4/5 commodities simultaneously increasing in price.

Of which, WTI oil price climbed to 64.6 USD/barrel, corresponding to an increase of 0.7%, Brent oil price also recorded an increase of about 0.84%, stopping at 68.62 USD/barrel, the highest level in more than three weeks.

Source: https://hanoimoi.vn/gia-bac-ap-sat-moc-lich-su-dau-brent-vuot-68-usd-thung-714453.html