Domestic silver price
As of 9:15 a.m. on June 13, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.406 - 1.449 million/tael (buy - sell); an increase of VND11,000/tael for both buying and selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.406 - 1.449 million VND/tael (buy - sell); an increase of 11,000 VND/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 37.493 - 38.639 million VND/kg (buy - sell); an increase of 294,000 VND/kg for buying and an increase of 293,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:05 a.m. on June 13 (Vietnam time), the world silver price was listed at 36.52 USD/ounce; up 0.24 USD compared to early this morning.
Causes and predictions
Silver experienced strong fluctuations on Thursday, falling sharply in the first trading session of the day before recovering strongly. The metal has achieved technical assistance in a short time, but has quickly attracted solid buying interest.
This reversal shows that traders still have confidence in the general trend, choosing to buy at lower prices rather than chasing an uptrend above the resistance level of 36.89 USD/ounce, said James Hyerczyk.
The expert said that this development shows that traders are expecting the next uptrend - accumulating near established levels - instead of waiting for confirmation from the recent high. This model reflects the buying strategy before the new momentum as many people expected.
"Expectations of interest rate cuts and a weak US dollar continue to support the uptrend. Macro factors are still favorable. The lower-than-expected consumer price index (CPI) this week showed inflation rose just 0.1% in May, helping to reduce Treasury yields and push the USD down to a two-month low.
The market is currently forecasting at least 50 basis points for the US Federal Reserve's (FED) interest rate cut this year, helping to reduce the cost of holding non-yielding assets such as silver and gold. This situation continues to strengthen the upward trend of precious metals" - James Hyerczyk assessed.
In addition, gold's growth, driven by safe-haven demand and geopolitical concerns, is seen as a strong support for the overall upward trend of precious metals.
See more news related to silver prices HERE...
