Domestic silver prices
As of 9:20 am on July 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.343 - 2.403 million VND/tael (buying - selling); an increase of 73,000 VND/tael on the buying side and an increase of 75,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at the threshold of 61.670 - 63.580 million VND/kg (buying - selling); an increase of 1.94 million VND/kg on the buying side and an increase of 2 million VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.344 - 2.422 million VND/tael (buying - selling); an increase of 76,000 VND/tael on the buying side and an increase of 79,000 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 2.349 - 2.422 million VND/tael (buying - selling); an increase of 73,000 VND/tael on the buying side and an increase of 76,000 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 62.639 - 64.586 million VND/kg (buying - selling); an increase of 1.946 million VND/kg on the buying side and an increase of 2.027 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on July 3rd (Vietnam time), the world silver price was listed at 62.27 USD/ounce; an increase of 2.51 USD/ounce compared to yesterday morning.
Causes and forecasts
Spot gold and silver prices continued to rise due to the US June jobs report being lower than expected, weakening the USD and reducing concerns that the US Federal Reserve (Fed) will soon continue to tighten monetary policy. This created momentum for gold and silver prices to extend their recovery momentum after economic data was released.
Meanwhile, silver performed more positively than gold in the week. This metal ended a seven-week consecutive decline in the futures market and recovered strongly from the bottom set at the end of June.
The non-farm payroll report released on the same day showed that the US economy only created 57,000 jobs in June, much lower than the market's forecast of 115,000 jobs. Although the unemployment rate fell to 4.2%, the jobs data for April and May was also adjusted down by a total of 74,000 jobs, showing that the labor market is weakening compared to the previous assessment.
After the report was released, the USD depreciated, and interest rate traders reversed expectations to the time when the Fed will continue to tighten monetary policy from October to December.
The yield of 10-year US government bonds remained around 4.5% at the end of the session, showing that job data was not enough for the market to expect the Fed to cut interest rates soon. However, this report reduced pressure on the Fed's ability to continue to raise interest rates in the short term, thereby supporting the recovery of precious metal prices.
However, precious metals analyst Christopher Lewis believes that the current upward momentum is still quite fragile. According to him, in the context of interest rates remaining high and the USD still strong, each increase in silver prices may just be an opportunity for investors to sell. Conversely, if the USD weakens, silver prices may continue to be supported and increase further.
Regarding short-term prospects, the expert said that if silver prices fall below the 57 USD/ounce mark, the market may continue to adjust to the 50 USD/ounce zone.
However, in the long term, Mr. Lewis still maintains a positive view of silver. He believes that current supply has not kept up with demand, creating a foundation for silver prices to continue to increase in the future.
However, the market is still fluctuating strongly and it is likely that intermittent upwards and corrections will appear before forming a more stable trend" - Christopher Lewis analyzed.
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