Silver price fluctuations 2.6: Waiting for US economic data

    Phương Anh |

    Silver price fluctuations 2.6: The market is waiting for a series of new economic data from the US this week.

    Domestic silver price

    As of 9:35 a.m. on June 2, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.267 - 1.306 million/tael (buy - sell); unchanged in both buying and selling directions compared to early this morning.

    The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.267 - 1.306 million VND/tael (buy - sell); unchanged in both buying and selling directions compared to early this morning.

    Dien bien gia bac trong nuoc nhung phien gan day. Bieu do: Phuong Anh
    Domestic silver price developments in recent sessions. Chart: Phuong Anh

    At the same time, the price of 999 (1kilo) taels at Phu Quy Jewelry Group was listed at 33.786 - 34.826 million VND/kg (buy - sell); unchanged in both buying and selling directions compared to early this morning.

    World silver price

    On the world market, as of 9:36 a.m. on June 2 (Vietnam time), the world silver price listed on Goldprice.org was at 33.01 USD/ounce.

    Dien bien gia bac the gioi nhung phien gan day. Bieu do: Phuong Anh
    World silver price developments in recent sessions. Chart: Phuong Anh

    Causes and predictions

    According to FX Empire, silver prices are stable around 33.00 USD/ounce as investors assessed mixed inflation data, uncertainty related to tax policy and reserved signals from the US Federal Reserve (FED).

    Despite a lack of clear momentum to boost the market, silver still receives support from concerns about the US financial situation and global industrial demand.

    James Hyerczyk, market analyst at FX Empire, said: "The market is looking ahead to important economic data this week, such as the ISM manufacturing index and the US Non-farm Employment Report on Friday.

    Labor market figures will be closely monitored to assess inflation risks and the possibility of the Fed changing policy. In addition, speeches by some Fed officials may also influence expectations of a rate cut in the coming time."

    The expert said that silver still has a supporting foundation thanks to cooling inflation, positive trade prospects and unresolved financial concerns.

    "However, due to the lack of clear policy signals or outstanding macro momentum, the silver market is likely to fluctuate within range. The upcoming economic data and comments from the Fed could be the next direction. Previously, trading trends will remain cautious and leaning towards increasing" - James Hyerczyk said.

    Technically, the uptrend is still maintained as silver prices hold above 31.03 USD/ounce. The current sideways price trend shows that investors are waiting for a clear price increase signal.

    See more news related to silver prices HERE...

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