Domestic silver prices
As of 9:00 AM on June 1st, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.853 - 2.926 million VND/tael (buying - selling), an increase of 1,000 VND/tael in both directions compared to yesterday morning.
The price of 2025 Ancarat 999 (1kg) silver ingots at Ancarat Gem Company is listed at 75.196 - 77.526 million VND/kg (buying - selling), an increase of 26,000 VND/kg in both directions compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.867 - 2.971 million VND/tael (buying - selling), an increase of 21,000 VND/tael on the buying side and an increase of 22,000 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 2.867 - 2.971 million VND/tael (buying - selling), an increase of 21,000 VND/tael on the buying side and an increase of 22,000 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 76.586 - 78.959 million VND/kg (buying - selling), an increase of 560,000 VND/kg on the buying side and an increase of 586,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:00 AM on June 1st (Vietnam time), the world silver price was listed at 75.15 USD/ounce; up 0.31 USD compared to yesterday morning.
Causes and forecasts
The silver market has just experienced a week of strong fluctuations. According to Mr. James Hyerczyk - precious metals expert at FX Empire, the main reasons come from the continuous changes in US interest rate expectations, the tense developments in the Middle East and the shortage of supply in the silver market. This is also the third consecutive week of price decline for this precious metal.
According to experts from FX Empire, the biggest pressure on silver prices currently comes from the monetary policy of the US Federal Reserve (Fed). Inflation data and rising energy costs make the market increasingly believe that the Fed will maintain high interest rates longer than expected.
In that context, cash flow tends to shift to profitable assets such as bonds instead of silver - a type of asset that does not generate returns. The rising USD along with the yield of 10-year US Treasury bonds also makes silver more expensive for international investors, thereby putting more pressure on prices" - James Hyerczyk said.
Mr. Hyerczyk said that many investors are not fully understanding the impact of geopolitical tensions on the silver market. Usually, geopolitical risks will boost safe-haven demand and support precious metal prices. However, in the current period, the increase in fuel prices due to tensions in the Middle East is causing inflation to increase, thereby reducing the possibility of the Fed early cutting interest rates.
The expert said that this unintentionally becomes a disadvantageous factor for silver. Even when signs of cooling tensions in the Middle East appeared, the silver market did not receive much support because investors still did not expect the Fed to soon ease monetary policy.
Despite pressure from interest rates, silver prices are still supported by supply-demand factors. According to Mr. Hyerczyk, the global silver market is entering its sixth consecutive year in a situation where demand exceeds supply.
Silver demand from industries such as electronics, electrical infrastructure, energy and data centers serving artificial intelligence (AI) continues to remain high. This is a factor helping silver prices not fall deeply despite pressure from monetary policy.
According to this expert's observation, buying power often appears when silver prices fall below the threshold of 73 USD/ounce, contributing to limiting sell-offs in the market.
In the short term, Mr. Hyerczyk believes that the US May jobs report will be the most important factor dominating silver prices in June. If job data is positive, the Fed may continue to maintain a cautious stance with interest rate cuts, thereby putting pressure on silver prices. Conversely, if the labor market weakens, interest rate reductions expectations may increase and create conditions for silver to recover.
See more news related to silver prices HERE...
