Domestic silver prices
As of 9:10 am on June 22, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,502 - 2,585 million VND/tael (buying - selling); an increase of 48,000 VND/tael on the buying side and an increase of 50,000 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 2,507 - 2,585 million VND/tael (buying - selling); an increase of 48,000 VND/tael on the buying side and an increase of 50,000 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 the threshold of 66.853 - 68.933 million VND/kg (buying - selling); an increase of 1.280 million VND/kg on the buying side and an increase of 1.334 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:07 am on June 22 (Vietnam time), the world silver price was listed at 66.02 USD/ounce, an increase of 1.2 USD/ounce compared to yesterday morning.
Causes and forecasts
According to Mr. Muhammad Umair - currency and precious metals analyst at FX Empire, copper and silver are both sending important signals to the metal market, but reflect different trends.
Specifically, the price of copper is showing expectations for the recovery of industrial demand, supported by the electrification process, investment in artificial intelligence (AI) infrastructure. Meanwhile, the price of silver is adjusting after a period of strong increase, but still receiving support from the need to hold monetary assets and hedge risks" - Muhammad Umair said.
The expert said that the diễn biến of silver is more influenced by monetary policy, inflation and investor sentiment towards the precious metal group. Silver prices are often supported when the market expects the US Federal Reserve (Fed) to ease monetary policy or when there are concerns about rising inflation. However, this metal may be under pressure as the USD strengthens and the interest rate level remains high.
According to Mr. Muhammad Umair, if silver continues to rise at a faster rate than the dong, this may be a signal that money is returning to the precious metal group. In the context of concerns about inflation, Fed policy and safe-haven demand still existing, silver may become the focus of the next price increase in the market.
Experts believe that the outlook for the coin is still supported by the trend of electrification and production demand. However, if the demand for safe-haven assets increases and sentiment towards the precious metals market improves, silver may provide more room for price increases in the near future.
See more news related to silver prices HERE...
