Domestic silver price
As of 9:30 a.m. on November 6, the price of 999 Phuc Loc 999 gold bars (1 tael) of Saigon Thuong Tin Bank Gold and Gemstone Co., Ltd. (Sacombank-SBJ) was listed at 1.821 - 1.869 million VND/tael (buy - sell); an increase of 9,000 VND/tael in both directions compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.830 - 1.887 million VND/tael (buy - sell); an increase of 6,000 VND/tael for buying and an increase of 7,000 VND/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 48.799 - 50.319 million VND/kg (buy - sell); an increase of 160,000 VND/kg for buying and an increase of 186,000 VND/kg for selling compared to yesterday morning.
World silver price
On the world market, as of 9:30 a.m. on November 6 (Vietnam time), the world silver price was listed at 47.78 USD/ounce; up 0.14 USD compared to yesterday morning.
Causes and predictions
Spot silver prices unexpectedly increased slightly in the morning session, however, according to precious metals analyst James Hyerczyk at FX Empire, the market was generally quite quiet, after the ADP private employment report announced the surprising results.
"The market is currently fluctuating in a narrow range as investors receive mixed signals from the US labor market and adjust expectations that the Federal Reserve (FED) will cut interest rates in December. Although gold and silver benefited from this expectation earlier in the week, new data makes investors more cautious," he said.
James Hyerczyk said the labor market is more balanced - a sign that the Fed may not need to tighten further policy. "However, the weakness of the small business group still reflects the cooling trend of the job market," said the expert.
James Hyerczyk added that silver recovered slightly despite the stronger US dollar and almost unchanged bond yields. The yield on the 10-year bond remains at 4.083%, while the 2-year term is at 3.572%.
However, the expert said that in the short term, when expectations of the FED to soon ease weakening policies, silver prices are lacking new upward momentum.
"The market needs to break through the 50 - 51 USD/ounce zone to create stronger momentum. Without new economic data or clear signals from the Fed, the current trend could continue to fluctuate within a narrow range, with a cautious mentality prevailing," James Hyerczyk analyzed.
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