Domestic silver prices
As of 9:10 am on July 9, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.193 - 2.249 million VND/tael (buying - selling); down 68,000 VND/tael on the buying side and down 70,000 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 57.694 - 59.474 million VND/kg (buying - selling); down 1.806 million VND/kg on the buying side and down 1.866 million 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 2,200 - 2,273 million VND/tael (buying - selling); down 56,000 VND/tael on the buying side and down 58,000 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 2.205 - 2.273 million VND/tael (buying - selling); down 56,000 VND/tael on the buying side and down 58,000 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 58.799 - 60.613 million VND/kg (buying - selling); down 1.494 million VND/kg on the buying side and down 1.546 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 9 (Vietnam time), the world silver price was listed at 58.29 USD/ounce; down 1.71 USD/ounce compared to yesterday morning.
Causes and forecasts
World silver prices fell sharply as they were also affected by rising oil prices, a stronger USD, and prolonged high interest rate expectations after the minutes of the June meeting of the US Federal Reserve (Fed) were released.
Fuel prices increased sharply due to new developments in the Middle East that pushed US government bond yields up, thereby supporting the USD and putting pressure on the silver market. Many investors also took advantage of taking profits from buy positions opened after the US jobs report released last week, causing silver prices to break through many support levels before buying power returned.
According to precious metals analyst James Hyerczyk, the minutes of the Fed meeting show that policymakers still maintain a cautious stance in the face of inflationary pressures. Inflation forecasts in the coming years are adjusted upwards due to energy costs, the impact of tariffs and the risk of supply chain disruptions. This significantly weakens the expectation that the Fed will soon cut interest rates.
He said that the US economy will still maintain strong enough growth momentum for the Fed to continue its tight monetary policy if inflation does not cool down as expected. After the minutes were announced, the USD and bond yields simultaneously increased, followed by a wave of sell-offs in the silver market.
Technically, Mr. Hyerczyk believes that the price range from 46.48 - 60.83 USD/ounce is still considered an attractive value range for long-term investors.
However, in the short term, the diễn biến of silver prices will continue to depend on the Fed's interest rate outlook, the strength of the USD and macroeconomic factors" - James Hyerczyk said.
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