Domestic silver prices
As of 9:55 am on June 16, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.624 - 2.710 million VND/tael; down 36,000 VND/tael on the buying side and down 37,000 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 2.629 - 2.710 million VND/tael; down 36,000 VND/tael on the buying side and down 37,000 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 70.106 - 72.266 million VND/kg; down 960,000 VND/kg on the buying side and down 987,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on June 16 (Vietnam time), the world silver price was listed at 69.9 USD/ounce, down 0.31 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices had a strong increase in the first trading session of the week, but the upward momentum is showing signs of slowing down as the market has seen profit-taking activities after a period of hot increase.
Mr. James Hyerczyk - precious metals analyst at FX Empire - said that silver prices have increased from about 61.5 USD/ounce to more than 71 USD/ounce in just two trading sessions, equivalent to an increase of nearly 16%. This is a fairly rapid increase in a short time, causing the market to face the risk of technical correction before establishing a new trend.
Mr. Hyerczyk said that the recent increase was mainly driven by buying off short-selling positions along with the weakening of the USD and US bond yields. Meanwhile, actual demand from the industrial sector has not shown a clear improvement.
Technically, silver prices are currently fluctuating in a sensitive area. If profit-taking pressure increases, this precious metal may retreat to the 66.41 USD/ounce or 65.25 USD/ounce range before attracting new buying power. This is considered a price range with a more attractive risk-profit ratio for investors.
James Hyerczyk believes that the diễn biến of the USD, US bond yields and interest rate prospects will continue to be factors leading the silver market in the short term. "If bond yields and the USD maintain a weakening trend, silver prices may continue to be supported. Conversely, any signals that interest rates remain at a higher level longer than expected could put pressure on this precious metal" - James Hyerczyk analyzed.
Experts at FX Empire believe that upcoming US housing and retail sales reports may have a stronger impact on silver prices than many other factors, as these are important data for interest rate outlook.
See more news related to silver prices HERE...
