Domestic silver prices
As of 1:10 PM on July 1st, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.176 - 2.232 million VND/tael (buying - selling); an increase of 3,000 VND/tael in both directions compared to yesterday.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 57,250 - 59,020 million VND/kg (buying - selling); an increase of 80,000 VND/kg in both directions compared to yesterday.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.173 - 2.245 million VND/tael (buying - selling); an increase of 6,000 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 2.182 - 2.249 million VND/tael (buying - selling); an increase of 8,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 58,186 - 59,973 million VND/kg (buying - selling); an increase of 213,000 VND/kg on the buying side and an increase of 214,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 1:10 PM on July 1st (Vietnam time), the world silver price was listed at 57.45 USD/ounce; an increase of 0.15 USD/ounce compared to yesterday morning.
Causes and forecasts
Although silver prices at times approached the threshold of 60.835 USD/ounce - the middle level of the historical peak - the buying force was not strong enough to help this precious metal break through. The price then quickly stabilized before the resistance zone and fell below this level.
According to precious metals analyst James Hyerczyk, developments in the following sessions will play a decisive role in the short-term trend of silver prices.
He said that stable buying demand from electronics manufacturing enterprises and the data infrastructure sector has contributed to helping silver prices maintain above the breakthrough zone established since December. However, this demand is still not strong enough to overwhelm the impact from interest rate expectations.
In the coming time, the outlook for silver prices will greatly depend on the diễn biến of the USD and interest rate expectations. If both of these factors are in the direction of support, pressure from monetary policy will decrease, creating conditions for silver prices to surpass the resistance zone and move towards higher levels. Conversely, if the view of maintaining high interest rates continues to be consolidated, silver prices are at risk of losing the support zone that has been maintained for many recent sessions and falling further into the long-term value zone.
Meanwhile, experts at Heraeus (a German technology and precious metals group) said that silver prices have been continuously affected after the recent meeting of the US Federal Reserve (Fed).
However, a factor that may support the precious metal market is the falling fuel prices.
If fuel prices continue to be low and there are no major geopolitical fluctuations, energy costs will decrease accordingly, pulling inflation down. When inflation cools down, especially the PCE index decreases, the pressure to increase interest rates will be reduced, thereby creating conditions for silver and precious metals prices to recover.
See more news related to silver prices HERE...
