Domestic silver prices
As of 9:15 am on June 21, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.459 - 2.522 million VND/tael; down 109,000 VND/tael on the buying side and down 112,000 VND/tael on the selling side compared to the previous week.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 64.754 - 66.754 million VND/kg; down 2.896 million VND/kg on the buying side and down 2.986 million VND/kg on the selling side compared to the previous week.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.454 - 2.535 million VND/tael (buying - selling); down 113,000 VND/tael on the buying side and down 117,000 VND/tael on the selling side compared to the previous week.
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); down 113,000 VND/tael on the buying side and down 117,000 VND/tael on the selling side compared to the previous week.
The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 65.573 - 67.599 million VND/kg (buying - selling); down 3.013 million VND/kg on the buying side and down 3.120 million VND/kg on the selling side compared to the previous week.
World silver price
On the world market, as of 9:20 am on June 21 (Vietnam time), the world silver price was listed at 64.82 USD/ounce, down 2.94 USD/ounce compared to the previous week.
Causes and forecasts
This week, gold and silver prices simultaneously fell sharply after the latest policy meeting of the US Federal Reserve (Fed). The main reason comes from the Fed maintaining interest rates but signaling tougher on inflation prospects and monetary policy in the coming time.
According to analysts from Kitco News, the Fed decided to keep interest rates unchanged at 3.5% - 3.75%, and said that inflation is still higher than the target of 2%. The agency's new forecasts show that the general level of interest rates may remain at a higher level longer than previously expected.
The above message has caused the market to adjust expectations. If before the meeting, many investors believed that the Fed would soon move to cut interest rates, now the possibility of interest rates continuing to be maintained at a high level, even possibly increasing further, is being assessed higher" - the analysis group at Kitco said.
After information from the Fed, US government bond yields increased sharply as investors revalued monetary policy outlook. The USD was also supported, putting pressure on non-performing assets such as gold and silver.
According to Kitco, this is the reason why gold and silver prices reversed to decrease after once increasing in the trading session. For silver, the recovery that lasted for many days before did not last when investors switched to a more cautious mentality.
Besides factors from the Fed, the market is also closely monitoring geopolitical developments in the Middle East. Positive signals in negotiations between the US and Iran have contributed to cooling concerns about global energy supply.
Cooling energy prices may help reduce inflationary pressure, thereby weakening the shelter role of gold and silver in the face of rising price risks. However, according to Kitco News, the impact of the Fed's interest rate policy is still the biggest influencing factor for the diễn biến of the precious metals market.
Not only gold and silver are under pressure, the US stock market also fell after the Fed meeting as investors worried that high interest rates would affect economic growth and corporate profits.
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