Domestic silver prices
As of 9:30 am on June 2nd, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,840 - 2,943 million VND/tael (buying - selling), down 27,000 VND/tael on the buying side and down 28,000 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 75.866 - 78.213 million VND/kg (buying - selling), down 720,000 VND/kg on the buying side and down 746,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 AM on June 2nd (Vietnam time), the world silver price was listed at 75.00 USD/ounce; down 0.45 USD compared to yesterday morning.
Causes and forecasts
Silver prices are experiencing strong fluctuations as the market closely monitors interest rate movements. According to Christopher Lewis - precious metals expert at FX Empire, although the long-term outlook for silver is still positive, this precious metal may face many fluctuations in the near future.
Despite adjustment pressure in the first session of the week, silver prices are still assessed to be maintaining positive prospects. Mr. Christopher Lewis believes that the 80 USD/ounce threshold is an important milestone for the market. If buying power is strong enough to push the price through this zone, silver is likely to head towards the 90 USD/ounce mark - the highest price range in the long-term accumulation range.
In the opposite direction, the 70 USD/ounce zone currently plays an important supporting role. Mr. Lewis believes that the silver market will still have many short-term fluctuations, but the buying trend when the price adjusts is still prioritized by him.
According to the expert, the shortage of silver supply in the global market continues to be one of the important factors supporting prices in the long term. This is considered the main driving force that can boost the upward momentum of this precious metal in the future.
However, if silver prices continue to fall, the market may witness a sharp correction to the 60 USD/ounce area. "This scenario only occurs when interest rates increase more strongly than expected. Therefore, investors need to pay special attention to the yield of 10-year US Treasury bonds - a factor believed to have a major impact on silver price movements" - Christopher Lewis analyzed.
In general, Mr. Christopher Lewis still maintains an optimistic view of silver in the long term, although he believes that interest rates will continue to be a barrier and create significant fluctuations in the market.
See more news related to silver prices HERE...
