Domestic silver price
As of 10:20 a.m. on June 16, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.398 - 1.441 million VND/tael (buy - sell); an increase of 1,000 VND/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 1.398 - 1.441 million VND/tael (buy - sell); an increase of 1,000 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 37,297 - 38,426 million VND/kg (buy - sell); an increase of 44,000 VND/kg for buying and an increase of 27,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 10:15 on June 16 (Vietnam time), the world silver price was listed at 36.34 USD/ounce; up 0.08 USD compared to early this morning.
Causes and predictions
Silver has gone through a week of many fluctuations. Unlike gold, which benefits directly from safe-haven cash flow as Middle East tensions increase, silver is both an industrial metal and a precious metal, so it is more likely to be sold off in the short term.
James Hyerczyk - market analyst - commented: "The long-term trend of silver is still positive thanks to expectations that the US Federal Reserve (FED) will loosen policy at the end of this year. The futures market currently predicts a 99.7% chance of the Fed keeping interest rates at 4.25% - 4.5%".
According to James Hyerczyk, any unexpected loose move will help silver increase in price.
On the other hand, the demand for silver for industry remains strong, especially in the production of solar power and electronic components. The US-China talks, if they reach an agreement on rare earths in exchange for technology, could reduce silver's safe-haven role in the short term but boost industrial demand, especially if the supply chain is normalized.
Inflation cooling, stable Fed policies and sustainable industrial demand continue to support speculators in price speculation as the currency corrects, said James Hyerczyk.
See more news related to silver prices HERE...
