Silver price fluctuation 10. 6: Struggle, investors wait for new signals from the market

Domestic silver prices

As of 9:15 am on June 10, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.437 - 2.518 million VND/tael (buying - selling), down 129,000 VND/tael on the buying side and down 133,000 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 2.442 - 2.518 million VND/tael (buying - selling), down 129,000 VND/tael on the buying side and down 133,000 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 65.119 - 67.146 million VND/kg (buying - selling), down 3.440 million VND/kg on the buying side and down 3.547 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:15 am on June 10 (Vietnam time), the world silver price was listed at 64.5 USD/ounce, down 3.28 USD compared to yesterday morning.

Causes and forecasts

Silver prices are maintaining a state of fluctuation when buying and selling forces are relatively balanced, causing the market not to form a new trend.

Mr. Christopher Lewis - precious metals analyst at FX Empire - said that the 70 USD/ounce mark currently plays an important supporting role, helping to limit the decline of silver prices. Meanwhile, the 80 USD/ounce threshold is considered a major barrier to the upward momentum. If this mark is overcome, silver prices may move to the 90 USD/ounce zone.

Experts from FX Empire said that silver price movements in the near future will depend heavily on US interest rate policies and government bond yields. When interest rates and bond yields increase, silver's attractiveness usually decreases. Conversely, if interest rates continue to cool down, this precious metal may be supported to increase in price.

Besides, the complex developments in the Middle East are also affecting investor sentiment, causing the precious metals market to fluctuate continuously," he said.

Although there is still a possibility of short-term correction, Mr. Lewis assesses the long-term outlook for silver as quite positive. According to him, investors can consider price declines as accumulation opportunities, but need to be cautious because silver is a commodity with a much larger fluctuation range than gold.

I am still waiting for the upward momentum to return because the long-term outlook for the silver market is still very strong," Mr. Lewis said.