Domestic silver prices
As of 9:10 am on July 8, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.256 - 2.331 million VND/tael (buying - selling); down 62,000 VND/tael on the buying side and down 64,000 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 2.261 - 2.331 million VND/tael (buying - selling); down 62,000 VND/tael on the buying side and down 64,000 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 60.293 - 62.159 million VND/kg (buying - selling); down 1.653 million VND/kg on the buying side and down 1.707 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:10 am on July 8 (Vietnam time), the world silver price was listed at 60 USD/ounce; down 1.4 USD/ounce compared to yesterday morning.
Causes and forecasts
World gold and silver prices simultaneously fell as the USD strengthened and US government bond yields increased, weakening the attractiveness of precious metals. Meanwhile, rising energy prices contributed to pushing US bond yields up, thereby reducing the attractiveness of precious metals.
After a rally thanks to a weaker-than-expected US jobs report, silver prices ended a four-session streak of gains when they could not maintain above the threshold of 62 USD/ounce.
The precious metals market is still in a period of accumulation. The weak US jobs report helps strengthen expectations that the US Federal Reserve (Fed) will have less pressure to raise interest rates, thereby supporting precious metals prices. However, to form a clearer upward trend, the market still needs more momentum from falling bond yields or weakening the USD.
According to precious metals analyst James Hyerczyk, the US June jobs report is not enough to change interest rate outlook in the context of still high inflation. After reacting to jobs data, investors shifted their attention to the minutes of the Federal Open Market Committee (FOMC) June meeting, scheduled to be released on July 9, to find more signals about the Fed's interest rate management roadmap.
He assessed that current selling pressure is mainly intentional profit-taking activities, rather than panic selling. Many investors are narrowing down positions opened after the jobs report to wait for new information from the FOMC minutes. Meanwhile, silver demand for industrial production still contributes to limiting the price decline, but not strong enough to create new buying momentum.
Regarding geopolitical factors, Mr. Hyerczyk said that tensions in the Middle East are not the main reason dominating silver prices in this session. "The market is currently mainly affected by the developments of the USD and expectations for the Fed's monetary policy" - James Hyerczyk said.
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