Domestic silver prices
As of 9:30 am on July 13, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.205 - 2.262 million VND/tael (buying - selling); down 49,000 VND/tael on the buying side and down 50,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 58,030 - 59.820 million VND/kg (buying - selling); down 1.294 million VND/kg on the buying side and down 1.334 million 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 2.205 - 2.278 million VND/tael (buying - selling); down 50,000 VND/tael on the buying side and down 52,000 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 2.208 - 2.276 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 58.879 - 60.693 million VND/kg (buying - selling); down 1.387 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 9:30 am on July 13 (Vietnam time), the world silver price was listed at 58.42 USD/ounce; down 1.34 USD/ounce compared to yesterday morning.
Causes and forecasts
The precious metal market is being affected by many mixed factors after the US June jobs report and the minutes of the latest meeting of the US Federal Reserve (Fed). The report shows that the US economy only created 57,000 jobs in June, much lower than forecast. In addition, the jobs data for April and May was also adjusted down by a total of 74,000 jobs, while the unemployment rate remained at 4.2%.
These figures increase expectations that the Fed will not rush to adjust interest rates in the short term, thereby supporting gold and silver prices. However, the minutes of the Fed meeting still emphasize inflation risks, making the market not believe that the central bank will soon ease monetary policy.
According to precious metals analyst Christopher Lewis, silver prices still have difficulty regaining momentum due to a high interest rate environment that makes non-profit assets like silver less attractive.
He said that in the past week, silver prices have fallen below the 60 USD/ounce mark, although still receiving certain support around this price range. However, a strong USD and high interest rates in the US continue to be factors putting pressure on the precious metal.
This expert is specifically monitoring the 57 USD/ounce threshold. If silver prices fall below this mark, the market may continue to retreat to the 50 USD/ounce zone. Conversely, if it exceeds 64.2 USD/ounce, silver prices may recover and head towards the 70 USD/ounce mark.
According to Christopher Lewis, in the context that investors may receive attractive yields from bonds and other profitable assets, cash flow is unlikely to tend to flow strongly into silver at the present time.
However, in the long term, he still assesses that demand for silver will continue to play an important role in supporting prices. However, the market is still facing concerns about inflation and the risk of economic stagnation accompanied by inflation, while current price pressure mainly stems from disruptions in the supply of many types of goods, not just silver.
See more news related to silver prices HERE...
