Silver price fluctuation June 4: Domestic silver decreases by up to 1.4 million VND/kg

Domestic silver prices

As of 9:30 am on June 4, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.775 - 2.876 million VND/tael (buying - selling), down 52,000 VND/tael on the buying side and down 54,000 VND/tael on the selling side compared to yesterday morning.

At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2,780 - 2,866 million VND/tael (buying - selling), down 52,000 VND/tael on the buying side and down 54,000 VND/tael on the selling side compared to yesterday morning.

The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 74.133 - 76.426 million VND/kg (buying - selling), down 1.386 million VND/kg on the buying side and down 1.440 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:50 AM on June 4 (Vietnam time), the world silver price was listed at 73.56 USD/ounce; down 1.22 USD compared to yesterday morning.

Causes and forecasts

Silver prices continued to fluctuate sideways in Thursday's trading session as the market was affected by the developments of interest rates and bond yields.

According to Christopher Lewis - a precious metal analyst at FX Empire, pressure on silver currently mainly comes from expectations that interest rates may continue to rise. As bond yields rise, the attractiveness of non-performing assets such as silver often declines, making it difficult for the precious metal to maintain its upward momentum.

Mr. Lewis said that the silver market is fluctuating in a narrow range and has not yet formed a clear trend. Investors are currently mainly observing the developments of interest rates to determine the next direction of silver prices.

According to his analysis, the threshold of 80 USD/ounce is still an important milestone. If it can overcome this price range, silver may aim for the target of 90 USD/ounce. However, that possibility will depend heavily on whether US bond interest rates and yields increase or decrease in the near future.

FX Empire experts also emphasized that the reverse relationship between silver prices and interest rates is still dominating the market. In the context of investors still being cautious, silver prices are likely to continue to fluctuate in a narrow range before new momentum appears.

In the long term, Mr. Christopher Lewis still maintains a positive view on silver. However, in the short term, the market is being affected by geopolitical instability, especially the situation in the Middle East, a factor that has a significant impact on the bond market and investor sentiment.

I am still optimistic about the long-term outlook for silver and prioritize buying strategy when prices adjust. However, at the present time, the market has not shown clear breakthrough signals in the short term" - Mr. Lewis said.