Domestic silver prices
As of 9:10 am on July 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.319 - 2.378 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 silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 61.024 - 62.914 million VND/kg (buying - selling); down 390,000 VND/kg on the buying side and down 400,000 VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2,318 - 2,395 million VND/tael (buying - selling); down 16,000 VND/tael in both 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 2.323 - 2.395 million VND/tael (buying - selling); down 15,000 VND/tael in both directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 61.946 - 63.866 million VND/kg (buying - selling); down 400,000 VND/kg in both directions compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on July 7 (Vietnam time), the world silver price was listed at 61.4 USD/ounce; down 0.64 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices fell as optimism after the US jobs report gradually cooled down. Investors are now shifting their attention to the minutes of the policy meeting of the US Federal Reserve (Fed) that will be released this week, while monitoring geopolitical developments in the Middle East.
Investors are currently waiting for the minutes of the Fed's policy meeting taking place on June 16-17, expected to be released this week, to find more signals about monetary policy orientation. At this meeting, the Fed decided to keep interest rates unchanged at 3.5-3.75%, while stating that inflation is still higher than the target of 2% and is affected by factors related to energy prices.
Weaker-than-expected US job data along with falling oil prices have somewhat reduced expectations that the Fed will continue to raise interest rates in the short term, thereby supporting the group of precious metals. However, the outlook for monetary policy is still not clear enough to create momentum for a strong rally.
Precious metals analyst Christopher Lewis said that if buying power continues to appear every time silver prices adjust, the market may gradually move towards the 67.15 USD/ounce mark. However, he believes that this will be a strong resistance zone and the price may face pressure before breaking through.
In the opposite direction, if the price falls below 57 USD/ounce, the downward trend may expand to the 50 USD/ounce zone - an important support level that the market has recorded for decades.
According to Mr. Lewis, the 60 USD/ounce zone is likely to play a role as a support level for the market in the short term. In the current context, a selling strategy when prices recover but signs of weakening appear may be appropriate. However, he also recommends that investors need to manage risks tightly and use reasonable position sizes because the silver market is often volatile.
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