Domestic silver price
As of 10:20 a.m. on June 17, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.399 - VND1.442 million/tael (buy - sell); an increase of VND1,000/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 1.399 - 1.442 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 37,306 - 38,453 million VND/kg (buy - sell); an increase of 9,000 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 17 (Vietnam time), the world silver price was listed at 36.25 USD/ounce; down 0.09 USD compared to early this morning.
Causes and predictions
Silver prices have remained near a multi-year high, near the 37.00 USD/ounce threshold set last week, although safe-haven demand for precious metals has eased slightly as concerns about tensions in the Middle East have cooled down.
The critic at Guillermo Alcala said that some countries have proposed mediation and US President Donald Trump is trying to push the parties to reach a peace deal.
"This helps the market to be less worried, causing demand for precious metals to weaken slightly. However, silver speculators are still targeting the resistance zone of 37.00 USD/ounce," he said.
Technically, Guillermo Alcala believes that the silver price picture is still positive.
"The nearest support level is 36.00 USD/ounce (lowest on 11 and 13 June), followed by 35.50 USD/ounce (lowest on 12 June). If prices fall further, the uptrend will be questioned and the bottom of 34.20 USD/ounce (June 4) can be checked again.
However, there is still no clear sign that the uptrend will be reversed" - Guillermo Alcala expressed his opinion.
See more news related to silver prices HERE...
