Silver price today June 4: World silver turns down

After a strong increase in the previous session, this morning the world silver price turned down.

On the world market, the world silver price is listed at 34.15 USD/ounce; an increase of 1.14 USD.

Silver prices surged following a strong recovery in gold, reflecting market sentiment shifting to safe-haven assets amid a weakening US dollar and rising demand for havens.

The gold rally was driven by a weaker greenback and growing expectations that the Federal Reserve will soon begin a rate-cutting cycle. The dollar fell after April personal consumption expenditures (PCE) price index data showed inflation fell to 2.1% year-on-year, the lowest since early 2021.

Meanwhile, core inflation also fell from 2.7% to 2.5%. The cooling inflation has led the market to believe that the Fed could start easing monetary policy as early as September and could continue to cut interest rates again in December.

"In addition to the risk-off factor, silver's strength is also supported by industrial demand, especially amid signs of stabilizing global manufacturing," said Arslan Ali, a currency and commodities analyst.

Investors were also cautious ahead of key US economic data and an upcoming speech by Fed Chairman Jerome Powell.

Domestic market, businesses continue to adjust to the strong growth momentum.

At 5:30 a.m. on June 4, Phu Quy Gold and Gemstone Group ( Hanoi ) listed the price of Phu Quy silver at VND 1,300,000/tael (buy) and VND 1,340,000/tael (sell), an increase of VND 21,000/tael in both buying and selling compared to yesterday morning's trading session.

Also in Hanoi, according to a survey at other trading locations, domestic silver prices increased in both buying and selling directions, currently listed at VND1,093,000/tael (buy) and VND1,123,000/tael (sell), an increase of VND28,000/tael in both buying and selling directions compared to yesterday morning's trading session.

Similarly, in Ho Chi Minh City, silver prices also increased, currently at VND1,095,000/tael (buy) and VND1,129,000/tael (sell), an increase of VND29,000/tael in both buying and selling prices compared to yesterday morning's trading session.

Source: https://baodaknong.vn/gia-bac-hom-nay-04-6-bac-the-gioi-quay-dau-giam-254543.html