Domestic silver prices
As of 9:00 AM on July 12, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.255 - 2.330 million VND/tael (buying - selling); down 92,000 VND/tael on the buying side and down 95,000 VND/tael on the selling side compared to a week ago.
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 92,000 VND/tael on the buying side and down 95,000 VND/tael on the selling side compared to a week ago.
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 2.453 million VND/kg on the buying side and down 2.533 million VND/kg on the selling side compared to a week ago.
World silver price
On the world market, as of 9:00 AM on July 12 (Vietnam time), the world silver price was listed at 59.76 USD/ounce; down 2.6 USD/ounce compared to a week ago.
Causes and forecasts
The silver market is under downward pressure as investors assess the impact of US economic information. While weaker-than-expected job data provides certain support, the Fed's cautious stance and high bond yields have limited the recovery momentum of the precious metal.
According to the June jobs report, 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.
These developments strengthen expectations that the Fed will be more cautious in monetary policy decisions, thereby creating support for gold and silver prices. However, minutes of the recent Fed meeting show that policymakers are still concerned about inflationary pressure, causing investors not to strongly increase their holdings of precious metals.
In the coming time, investors will closely monitor US inflation data (CPI), geopolitical tensions in the Middle East as well as new signals from the Fed. If inflation cools down, pressure from bond yields may decrease, creating conditions for precious metal prices to recover.
Conversely, if fuel prices continue to rise due to energy supply risks, the market will increase concerns about inflation and wait for policy response from the Fed.
According to Mr. Christopher Lewis - a precious metal analyst, the 60 USD/ounce mark is an important price range that the market is closely monitoring, because this was once a notable trading threshold in the past. If the silver price does not hold this range and continues to decrease, the precious metal may fall back to 57 USD/ounce. In the event of breaking through the 57 USD/ounce mark, the silver price is at risk of falling further, even around 50 USD/ounce.
In terms of short-term prospects, the recovery momentum of silver is still under a lot of pressure from macroeconomic factors. The USD maintains its strength along with high interest rates in the US, causing the attractiveness of non-profit assets such as silver to decline," he analyzed.
However, the expert still positively assesses the long-term outlook for silver, as the supply in the market is lacking compared to demand.
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