Domestic silver prices
As of 9:50 am on July 6, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.334 - 2.411 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 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 2.338 - 2.410 million VND/tael (buying - selling); down 14,000 VND/tael on the buying side and down 15,000 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 62.346 - 64.266 million VND/kg (buying - selling); down 373,000 VND/kg on the buying side and down 400,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on July 6 (Vietnam time), the world silver price was listed at 62.04 USD/ounce; down 0.32 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices turned down after the upward momentum of last week, as the positive impact from the US jobs report lower than expected gradually weakened. Previously, this data caused the USD to depreciate, thereby supporting the precious metal to rise in the context of market liquidity decreasing due to the holidays.
The previously released non-farm payroll report has reduced pressure on the US Federal Reserve (Fed) to continue tightening monetary policy in the short term. After the data was released, the USD continued to weaken, creating more momentum for the upward momentum of the precious metal.
The focus of attention this week shifts to the US Federal Reserve (Fed). Investors will carefully review the minutes of the FOMC meeting in June to better understand the views of policymakers on inflation, interest rates and economic prospects after the Committee's decision to keep interest rates unchanged.
According to precious metals analyst Christopher Lewis, the silver market is still maintaining an important support level around 60 USD/ounce. However, short-term price movements will continue to be affected by the strength of the USD.
Experts believe that although silver prices have repeatedly maintained the 60 USD/ounce mark and show signs of recovery, the technical trend is still not really positive as the market continuously forms lower peaks and lower bottoms. Therefore, if there is no strong enough fundamental factor to support, silver prices may continue to be under adjustment pressure.
He predicted that the 64.30 USD/ounce and 67 USD/ounce zones will be noteworthy resistance levels. Conversely, if the price falls below 57 USD/ounce, the market may expand its decline to the 50 USD/ounce zone.
According to Christopher Lewis, silver prices in the near future are likely to remain volatile and are particularly sensitive to interest rate fluctuations as well as the trend of the USD. Therefore, investors need to be cautious in using leverage and risk management.
In the long term, experts still maintain a positive view of this precious metal. He believes that if silver prices exceed the 70 USD/ounce mark, the long-term upward trend will be strengthened. However, after the recent strong increase, the market may also need a significant correction to absorb profit-taking pressure before establishing a more sustainable upward trend.
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