Silver price fluctuations June 5: Struggle, under a lot of pressure

Domestic silver prices

As of 9:40 am on June 5, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.742 - 2.812 million VND/tael (buying - selling), down 34,000 VND/tael in both buying and selling directions compared to yesterday morning.

The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 72,256 - 74,486 million VND/kg (buying - selling), down 904,000 VND/kg on the buying side and down 934,000 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 2.742 - 28.42 million VND/tael (buying - selling), down 33,000 VND/tael on the buying side and down 34,000 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 2.747 - 2.832 million VND/tael (buying - selling), down 33,000 VND/tael on the buying side and down 34,000 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 the threshold of 73.253 - 75.519 million VND/kg (buying - selling), down 880,000 VND/kg on the buying side and down 907,000 VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 10:20 am on June 5 (Vietnam time), the world silver price was listed at 72.37 USD/ounce, down 1.19 USD/ounce compared to yesterday morning.

Causes and forecasts

Although silver prices are under downward pressure, Mr. Christopher Lewis - precious metals analyst at FX Empire - believes that the diễn biến of this metal is still heavily influenced by interest rates and bond yields. According to him, the decrease in 10-year US government bond yields may support silver in the short term because this is a non-performing asset. However, the market is still fluctuating in a narrow range and has not established a clear trend.

He added that the developments of silver continue to be greatly influenced by interest rate policies and the bond market. In addition, the long-term outlook for silver is still supported by increasing demand from fields such as artificial intelligence (AI), electrification and many other industries.

Regarding price prospects, Mr. Lewis believes that the 80 USD/ounce zone will be the next target if silver surpasses important resistance levels in the near future. Conversely, the 70 USD/ounce zone is currently considered a support zone, which may help limit the decline of this precious metal.

However, FX Empire experts assess that the silver market is still in a cautious state as investors are waiting for the US jobs report to be released soon. This data could create strong fluctuations in the bond market, thereby significantly affecting silver price movements in the short term.