Domestic silver prices
As of 9:30 am on June 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2,581 - 2,647 million VND/tael (buying - selling), down 271,000 VND/tael on the buying side and down 278,000 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 67.986 - 70.086 million VND/kg (buying - selling), down 7.184 million VND/kg on the buying side and down 7.414 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 2.562 - 2.646 million VND/tael (buying - selling), down 284,000 VND/tael on the buying side and down 303,000 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 2.567 - 2.646 million VND/tael (buying - selling), down 284,000 VND/tael on the buying side and down 293,000 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 68.453 - 70.559 million VND/kg (buying - selling), down 7.573 million VND/kg on the buying side and down 7.814 million VND/kg on the selling side compared to the previous week.
World silver price
On the world market, as of 9:30 am on June 7 (Vietnam time), the world silver price was listed at 67.64 USD/ounce.
Causes and forecasts
According to Mr. James Hyerczyk - precious metals expert at FX Empire - the sharp decline in silver prices in the last session of the week mainly stemmed from the positive US jobs report, increasing expectations that the US Federal Reserve (Fed) will maintain tight monetary policy or even continue to raise interest rates.
In the trading session on June 6, spot silver prices fell 8.31%, to 67.75 USD/ounce.
This is one of the strongest declining sessions in recent times. According to this expert, after a series of important technical support levels were broken, selling pressure increased sharply and dragged silver prices down sharply," he said.
The main driving force comes from the US non-farm payroll report in May. The country's economy created 172,000 new jobs, nearly double the analysts' forecast of 85,000 jobs. Meanwhile, the unemployment rate remained at 4.3% for the third consecutive month, showing that the labor market is still relatively stable.
Positive data has significantly reduced expectations of the Fed's early interest rate cut. The market is now almost confident that the Fed will continue to maintain a tough stance on inflation, instead of easing monetary policy in the short term.
After the report was released, the USD rose to its highest level since the beginning of April, while US Treasury bond yields also simultaneously went up. This put pressure on precious metals, including silver, because the price of silver is listed in USD and becomes more expensive for investors using other currencies.
Mr. Hyerczyk believes that the recent plunge does not reflect the weakening of the fundamentals of the silver market, but carries many characteristics of a large-scale position liquidation.
When the stock market falls sharply, many investors use leverage to sell assets to supplement margins, in which silver becomes one of the channels to be sold to recover cash. This makes downward pressure even stronger" - James Hyerczyk said.
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