Domestic silver prices
As of 10:10 am on July 2nd, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,268 - 2,343 million VND/tael (buying - selling), an increase of 95,000 VND/tael on the buying side and an increase of 98,000 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 2.276 - 2.346 million VND/tael (buying - selling), an increase of 94,000 VND/tael on the buying side and an increase of 97,000 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 60.693 - 62.559 million VND/kg (buying - selling), an increase of 2.507 million VND/kg on the buying side and an increase of 2.586 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:10 am on July 2 (Vietnam time), the world silver price was listed at 59.76 USD/ounce; an increase of 2.31 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices rose thanks to maintained buying power, despite positive signals from the US labor market. Positive job data pushed US Treasury bond yields up, while increasing expectations that the US Federal Reserve (Fed) could maintain interest rates at a higher level for longer, putting pressure on the precious metal group.
According to precious metals analyst Christopher Lewis, silver is still one of the assets with strong fluctuations in the short term.
Experts say silver prices are trying to return to the 60 USD/ounce mark - an important resistance level both technically and psychologically. If it can close above this mark, the precious metal has the opportunity to continue to recover.
However, according to Mr. Lewis, the current recovery waves are still potentially risky and may just be an opportunity for investors to sell out. In the context that the general trend of silver is still weak, short-term gains mainly help the market balance before establishing a new trend.
He also noted that the US jobs report will be a major factor affecting silver price movements in the short term.
After the data is released, market liquidity is likely to decrease as US investors enter the long National Day holiday," he said.
Regarding the outlook, Mr. Lewis believes that if the silver price falls below 57 USD/ounce, selling pressure may increase sharply, causing the price to continue to fall back to 50 USD/ounce in the long term. Conversely, if the price surpasses important resistance levels, the upward trend will become more positive. However, according to him, this possibility is still not high because the silver price is still quite far from the levels to be conquered.
See more news related to silver prices HERE...
