Domestic silver prices
As of 9:30 am on June 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.829 - 2.902 million VND/tael (buying - selling), down 6,000 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 74.576 - 76.886 million VND/kg (buying - selling), down 160,000 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 2.827 - 2.930 million VND/tael (buying - selling), down 13,000 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 2.832 - 2.920 million VND/tael (buying - selling), down 13,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 75.519 - 77.866 million VND/kg (buying - selling), down 34,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:50 AM on June 3rd (Vietnam time), the world silver price was listed at 74.78 USD/ounce; down 0.22 USD compared to yesterday morning.
Causes and forecasts
Although silver prices fell in this morning's session, Mr. James Hyerczyk - precious metals expert at FX Empire - said that this metal still receives support from fundamental factors such as the weakening USD and cooling US bond yields recently.
Mr. Hyerczyk said that the upward momentum of silver could be maintained if the USD continues to depreciate. However, the short-term outlook for this precious metal still largely depends on the developments of US bond yields and monetary policy of the US Federal Reserve (Fed).
FX Empire experts said that the market is currently closely monitoring US economic data, especially the jobs report and the number of vacant jobs. If these data are positive, bond yields may rise again, pulling the USD stronger and putting downward pressure on silver prices. Conversely, weakening economic data may strengthen expectations that the Fed will ease monetary policy in the near future, thereby supporting silver prices.
Although silver prices have now turned down after the previous increase, Mr. Hyerczyk still assesses that the market is receiving support from both industrial demand and safe asset hoarding demand. According to him, these are two important factors helping silver maintain its attractiveness in the context of a volatile global economy.
The trend of silver in the coming time will depend heavily on the diễn biến of the USD and US bond yields. If these two factors reverse to increase again, adjustment pressure on silver prices may increase" - James Hyerczyk said.
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