Domestic silver prices
As of 9:00 am on July 11, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.254 - 2.312 million VND/tael (buying - selling); down 19,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 59.324 - 61.154 million VND/kg (buying - selling); down 486,000 VND/kg on the buying side and down 506,000 VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.255 - 2.330 million VND/tael (buying - selling); down 18,000 VND/tael in both directions 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 2,260 - 2,330 million VND/tael (buying - selling); down 16,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 60.266 - 62.133 million VND/kg (buying - selling); down 427,000 VND/kg on the buying side and down 426,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:00 AM on July 11 (Vietnam time), the world silver price was listed at 59.76 USD/ounce; down 0.44 USD/ounce compared to yesterday morning.
Causes and forecasts
Gold and silver prices simultaneously fell as investors continued to assess mixed signals from the US economy. The negative employment report supported the precious metal, but the minutes of the latest meeting of the US Federal Reserve (Fed) and bond yields remained high, limiting the upward momentum.
The precious metals market continues to be affected by mixed signals from the US economy. The June jobs report showed that the economy only created 57,000 jobs, significantly lower than expected. The unemployment rate remained at 4.2%, while the jobs data for the previous two months was also adjusted down.
This development increases expectations that the Fed may be more cautious in continuing to tighten monetary policy, thereby supporting gold and silver prices. However, the minutes of the Fed's latest meeting show that policymakers are still concerned about inflation, causing investors not to boldly increase their buying positions for precious metals.
In addition, the yield of 10-year US government bonds still remains around 4.53%, while the USD Index (DXY) is at around 100.87 points. This helps limit the recovery momentum of gold and silver prices, although the labor market has sent weakening signals. In addition, new developments in the Middle East region are also being closely monitored by investors as they may affect market sentiment in the coming time.
According to precious metals analyst Christopher Lewis, silver prices still face many difficulties in regaining momentum as the high interest rate environment continues to reduce the attractiveness of non-performing assets. The fact that bond yields are maintained at a high level makes cash flow tend to shift to investment channels with stable yields, creating pressure on the silver market.
He said that in the past week, silver prices have fallen below the 60 USD/ounce mark but still recorded support around this price range. However, a strong USD and high interest rates in the US may continue to put pressure on the precious metal in the short term.
Technically, experts believe that the 57 USD/ounce mark is an important support zone. If the price falls below this threshold, silver may retreat to about 50 USD/ounce. Conversely, if it exceeds the 64.2 USD/ounce threshold, silver prices may head towards the 70 USD/ounce zone.
However, Mr. Christopher Lewis believes that the long-term outlook for silver is still positive thanks to demand in industry and investment. However, in the immediate future, the market is still affected by concerns about inflation, high interest rates and the risk of slowing economic growth, making it difficult for silver prices to break through in the near future.
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