Domestic silver prices
As of 9:15 am on June 20, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.454 - 2.535 million VND/tael (buying - selling); keeping both buying and selling directions unchanged 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 2.459 - 2.535 million VND/tael (buying - selling); an increase of 3,000 VND/tael in both buying and selling directions compared to yesterday morning.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 65.573 - 67.599 million VND/kg (buying - selling); an increase of 80,000 VND/kg in both buying and selling directions compared to yesterday morning.
World silver price
On the world market, as of 9:20 am on June 20 (Vietnam time), the world silver price was listed at 64.82 USD/ounce, down 0.23 USD/ounce compared to yesterday morning.
Causes and forecasts
Mr. Christopher Lewis - precious metals analyst at FX Empire - said that silver prices have slightly adjusted down in the past week, but buying power is still quite clear in low price areas, showing that the market is having certain supporting signals.
According to this expert, after falling for most of the trading session of the week, silver prices have recovered when touching the 50-week exponential average (EMA) - an important technical threshold. This shows that the market is in the process of searching for a short-term bottom.
Mr. Lewis believes that the diễn biến of interest rates is still a factor to be monitored. Although interest rates have recently tended to decrease slightly, the familiar correlation between low interest rates and rising silver prices seems no longer as clear as before. Therefore, investors need to wait for more signals to determine whether this factor will continue to support silver prices.
Technically, FX Empire experts assess the 60 USD/ounce mark as a particularly important support zone for silver. "If this threshold continues to be maintained, the market may have buying opportunities and silver prices are likely to recover in the short term," he said.
Conversely, in case the price falls below 60 USD/ounce, selling pressure may increase and pull the market back to the 50 USD/ounce area. However, at the present time, Mr. Lewis assesses that the recovery scenario is still more likely than the possibility of a deep decline.
On the upside, the threshold of 70 USD/ounce is considered an important milestone. If silver prices successfully cross this zone, the upward momentum may be strengthened and open up more room for stronger upwards in the near future.
However, Mr. Christopher Lewis also noted that investors need to prepare for major market fluctuations. Economic information, interest rate policies and unexpected developments from the global macroeconomic environment can still create strong fluctuations for silver prices in the short term.
See more news related to silver prices HERE...
