Domestic silver prices
As of 10:50 am on June 12, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.536 - 2.620 million VND/tael; an increase of 117,000 VND/tael on the buying side and an increase of 121,000 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 2,540 - 2,619 million VND/tael; an increase of 116,000 VND/tael on the buying side and an increase of 120,000 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 67.866 - 69.973 million VND/kg; an increase of 3.227 million VND/kg on the buying side and an increase of 3.334 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:50 AM on June 12 (Vietnam time), the world silver price was listed at 67.16 USD/ounce, up 3.29 USD compared to yesterday morning.
Causes and forecasts
Silver prices fell sharply at the beginning of Friday's trading session but quickly recovered thanks to buying power appearing at low prices. This development shows that the market is making efforts to protect the important support level around the 60 USD mark.
Mr. Christopher Lewis - precious metals analyst at FX Empire - said that the rebound in silver prices after a sharp decline is a positive sign in the short term. This may help this precious metal regain part of its previous decline and move towards testing higher price zones. However, the trend of silver is still heavily influenced by interest rate prospects and geopolitical factors, especially developments in the Middle East.
According to the expert, the market is currently showing signs of falling into a state of oversold after a period of strong correction. Therefore, the possibility of a technical recovery in the next few days is relatively high. However, investors still need to be cautious about the unpredictable fluctuations of the market.
Technically, Mr. Lewis assesses the 60 USD/ounce mark as a key support zone. If silver prices break through this threshold, the market may face the risk of falling further, even retreating to the 50 USD/ounce area. Meanwhile, the 90 USD/ounce zone is playing the role of a strong resistance level above.
However, FX Empire experts still maintain a positive view on the long-term outlook for silver as demand for this metal is said to be exceeding supply for many consecutive years. He recommends that investors need to manage risks tightly, especially limiting the use of high leverage in the context of the market still fluctuating.
See more news related to silver prices HERE...
