Silver price fluctuation July 5th: Positive prospects

Domestic silver prices

As of 9:00 AM on July 5th, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.345 - 2.405 million VND/tael (buying - selling); an increase of 103,000 VND/tael on the buying side and an increase of 106,000 VND/tael on the selling side compared to the previous week.

The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 61.724 - 63.634 million VND/kg (buying - selling); an increase of 2.738 million VND/kg on the buying side and an increase of 2.828 million VND/kg on the selling side compared to the previous week.

The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.347 - 2.425 million VND/tael (buying - selling); an increase of 107,000 VND/tael on the buying side and an increase of 111,000 VND/tael on the selling side compared to the previous week.

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 107,000 VND/tael on the buying side and an increase of 111,000 VND/tael on the selling side compared to the previous week.

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 2.853 million VND/kg on the buying side and an increase of 2.960 million VND/kg on the selling side compared to the previous week.

World silver price

On the world market, as of 9:00 AM on July 5 (Vietnam time), the world silver price was listed at 62.36 USD/ounce; an increase of 3.31 USD/ounce compared to a week ago.

Causes and forecasts

World gold and silver prices simultaneously increased after the US June jobs report was lower than expected, weakening the USD and reducing concerns about the possibility that the US Federal Reserve (Fed) will continue to tighten monetary policy in the short term.

Closing the last trading session of the week, spot gold price increased by 1.27% to about 4,174.1 USD/ounce. Meanwhile, spot silver price increased more strongly, reaching about 62.27 USD/ounce, up 2.36% compared to the previous session.

Gold's recovery momentum was boosted after the market received a less positive US jobs report. This data caused investors to shift their attention from inflation concerns to economic growth risks, thereby increasing demand for holding safe assets such as gold.

Meanwhile, silver had a more positive development than gold in the week. Silver prices ended a seven-week consecutive decline in the futures market and recovered strongly from the bottom set at the end of June. For gold, this is also the week recording the strongest increase since the end of May.

The US non-farm payroll report showed that the economy only created 57,000 jobs in June, much lower than the forecast of 115,000 jobs. In addition, the jobs data for the previous two months was also adjusted down by a total of 74,000 jobs. The unemployment rate fell to 4.2%.

After the report was released, the USD continued to weaken, while the market reversed expectations that the Fed would continue to raise interest rates from October to December. Although the yield of 10-year US government bonds remained around 4.5% and did not send a clear signal about the possibility of interest rate cuts, the weak employment report reduced pressure on the Fed to soon tighten monetary policy. This is a factor supporting gold prices to recover above the 4,100 USD/ounce mark and contributed to maintaining the upward momentum of silver.