Silver price fluctuation June 6: Decrease in the last session of the week

Domestic silver prices

As of 9:30 am on June 6, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,562 - 2,646 million VND/tael (buying - selling), down 180,000 VND/tael on the buying side and down 196,000 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 2.567 - 2.646 million VND/tael (buying - selling), down 180,000 VND/tael on the buying side and down 186,000 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 68.453 - 70.559 million VND/kg (buying - selling), down 4.8 million VND/kg on the buying side and down 4.96 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:30 am on June 6 (Vietnam time), the world silver price was listed at 67.64 USD/ounce, down 4.73 USD/ounce compared to yesterday morning.

Causes and forecasts

According to new data released by the US Bureau of Labor Statistics, the country's economy created an additional 172,000 jobs in May, far exceeding the market forecast of about 80,000 - 85,000 jobs. In addition, the April jobs data was also adjusted to increase sharply from 64,000 to 179,000 jobs. The unemployment rate in May remained unchanged at 4.3%, as expected.

The above positive figures show that the US labor market still maintains good resilience, increasing expectations that the US Federal Reserve (Fed) may continue to maintain high interest rate policies for a longer time. This has put pressure on precious metals, including silver.

Mr. Christopher Lewis, a precious metals analyst at FX Empire, said silver prices fell sharply in the last trading session of the week as yields and interest rate expectations in the US rose after the better-than-expected jobs report. According to him, silver is an unprofitable asset, so it is often disadvantaged when interest rates rise.

This expert believes that silver prices are currently fluctuating around the important support zone and the market needs more confirmation signals before forming a sustainable recovery wave. "Although short-term buying opportunities are still seen if prices rebound, investors need to be cautious because the silver market is still volatile" - Mr. Lewis said.

Regarding the upcoming prospects, Mr. Lewis noted that selling pressure may increase sharply and pull prices down further. However, because the last session of the week coincides with the release of the US non-farm payroll report, the current strong fluctuations may only be a short-term market response.