Domestic silver prices
As of 9:10 am on June 14, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.567 - 2.652 million VND/tael; an increase of 13,000 VND/tael on the buying side and an increase of 14,000 VND/tael on the selling side compared to the beginning of the week (June 8).
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.572 - 2.652 million VND/tael; an increase of 5,000 VND/tael on the buying side and an increase of 6,000 VND/tael on the selling side compared to the beginning of the week (June 8th).
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 68.586 - 70.719 million VND/kg; an increase of 347,000 VND/kg on the buying side and an increase of 373,000 VND/kg on the selling side compared to the beginning of the week (June 8th).
World silver price
On the world market, as of 9:10 am on June 14 (Vietnam time), world silver prices were listed at 67.76 USD/ounce, up 0.06 USD compared to the beginning of the week (June 8).
Causes and forecasts
Closing the week's trading session, gold and silver prices simultaneously increased as investor sentiment improved thanks to sharp drops in oil prices, cooling down US Treasury bond yields and stock market recovery. Kitco's analysis team believes that expectations of an agreement between the US and Iran are the main factors driving this development.
According to Kitco, inflation data released this week continues to be an important macroeconomic factor affecting the precious metals market. The consumer price index (CPI) in May increased by 4.2% compared to the same period last year, while the producer price index (PPI) increased by 6.5%. This makes the expectation that the US Federal Reserve (Fed) will maintain tight monetary policy still present.
However, the decline in oil prices in the last session of the week has contributed to easing concerns about energy inflation. Precious metal prices have maintained stability but have not yet been able to overcome the important resistance zone formed after the adjustment related to the US jobs report" - the analysis group at Kitco assessed.
On the US stock market, major indices all increased in the last session of the week. The S&P 500 index increased by 0.5% to 7,431.46 points; Dow Jones increased by 0.7% to 51,202.26 points; Nasdaq Composite increased by 0.3% to 25,888.84 points.
Regarding price prospects, Kitco believes that silver prices are facing the opportunity to continue to increase if they surpass the resistance zone from 68.53 - 72.47 USD/ounce. At that time, this precious metal may reach the 74 USD/ounce and 76 USD/ounce marks.
Conversely, if silver prices fall below the threshold of 66.09 USD/ounce, selling pressure may increase, pulling prices back to lower areas around 62.15 USD/ounce and 58 USD/ounce.
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