Domestic silver prices
As of 9:00 AM on July 4th, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2.347 - 2.425 million VND/tael (buying - selling); an increase of 3,000 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 the threshold of 2.352 - 2.425 million VND/tael (buying - selling); an increase of 3,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 62,719 - 64,666 million VND/kg (buying - selling); an increase of 80,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:00 AM on July 4th (Vietnam time), the world silver price was listed at 62.36 USD/ounce; up 0.09 USD/ounce compared to yesterday morning.
Causes and forecasts
Spot gold and silver prices continued to rise sharply in the last trading session of the week in the North American market, as the impact from the US jobs report lower than expected still spread in the market. This data weakened the USD, thereby supporting the prices of precious metals to rise in the context of market liquidity decreasing due to the holidays.
The previously released non-farm payroll report has reduced pressure on the US Federal Reserve (Fed) to continue tightening monetary policy in the short term. After the data was released, the USD continued to weaken, creating more momentum for the rise of gold and silver.
However, signals from the market are still not entirely leaning towards the possibility of the Fed soon easing policy. The yield of 10-year US government bonds remains around 4.5%, while traders still predict that the Fed may implement another wave of interest rate hikes at the end of the year. This shows that the outlook for the precious metal is still positive, but the upward momentum may be affected by high interest rate expectations.
According to precious metals analyst Christopher Lewis, the silver market is still considering the 60 USD/ounce mark as an important support threshold. In the short term, the diễn biến of silver will continue to be greatly affected by the strength of the USD. In addition, because the last trading session of the week coincided with the holiday in the US, liquidity in the market may decrease, making price fluctuations more unpredictable.
Mr. Lewis said that silver prices have repeatedly held steady at the 60 USD/ounce mark in the past week, showing that buying power is still present in this price range. However, in terms of technical trend, the market is still in a correction phase when lower peaks and lower troughs are continuously formed.
According to this expert, if there is no fundamental factor strong enough to change the trend, silver prices are likely to continue to be under downward pressure. However, he said that he is not in a hurry to open short selling positions on a large scale because the market still has many potential fluctuations and the use of leverage may increase the risk of losses.
Regarding technical milestones, Christopher Lewis believes that silver may encounter resistance around the 64.30 USD/ounce zone, followed by the 67 USD/ounce threshold. Conversely, if the price falls below 57 USD/ounce, the market may expand its decline to the 50 USD/ounce zone.
He also assessed that silver will continue to be one of the highly volatile assets, especially sensitive to interest rate expectations of the US Federal Reserve (Fed) and the diễn biến of the USD. When interest rates remain high or the greenback appreciates, this precious metal may face more pressure.
Despite being cautious in the short term, Christopher Lewis still maintains a positive view of the long-term outlook for silver. He believes that if the price exceeds the 70 USD/ounce mark, the upward trend will be strengthened.
However, after the previous strong increase period, the market may also need a significant correction to absorb profit-taking pressure before continuing the long-term uptrend" - Christopher Lewis said.
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