Domestic silver prices
As of 11:30 am on April 6, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-SBJ) listed at the threshold of 2.706 - 2.802 million VND/tael (buying - selling); down 42,000 VND/tael in both buying and selling 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 2.706 - 2.802 million VND/tael (buying - selling); down 44,000 VND/tael on the buying side and down 46,000 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 71.946 - 74.159 million VND/kg (buying - selling); down 1.173 million VND/kg on the buying side and down 1.227 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 11:20 am on April 6 (Vietnam time), the world silver price was listed at 72.13 USD/ounce; down 0.83 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices recorded a sharp decrease in the first trading session of the week. According to currency and precious metals analyst Muhammad Umair at FX Empire, precious metals prices are still facing many risks as positive signals from the US economy continue to be strengthened.
He said the latest figures show that the labor market maintains growth momentum, with an increase of 178,000 non-farm jobs last week. This reflects that the economy still has significant resilience, despite previous concerns.
If the positive employment trend continues in the coming months, especially when accompanied by wage increases, pressure on central banks will increase in maintaining tight monetary policy.
In that context, higher bond yields and a stronger USD could put downward pressure on gold and silver prices - assets that are inherently not profitable" - Muhammad Umair said.
Besides macroeconomic factors, the expert believes that interest rate policy is still an important variable. In case central banks continue to raise interest rates to control inflation, gold and silver prices are likely to face further downward pressure.
The global economic picture still has many intertwined factors. Despite positive employment data, some signs suggest that the growth momentum of the economy may be weakening. This increases the risk of recession and strengthens the role of precious metals as a safe haven asset" - Muhammad Umair gave his opinion.
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