Domestic silver prices
As of 9:15 am on June 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2,420 - 2,482 million VND/tael (buying - selling); down 78,000 VND/tael on the buying side and down 80,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at the threshold of 63.716 - 65.686 million VND/kg (buying - selling); down 2.074 million VND/kg on the buying side and down 2.134 million VND/kg on the selling side compared to yesterday morning.
The price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company is listed at the threshold of 2.419 - 2.499 million VND/tael (buying - selling); down 83,000 VND/tael on the buying side and down 86,000 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 the threshold of 2.424 - 2.499 million VND/tael (buying - selling); down 83,000 VND/tael on the buying side and down 86,000 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 64.639 - 66.639 million VND/kg (buying - selling); down 2.214 million VND/kg on the buying side and down 2.294 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 23 (Vietnam time), the world silver price was listed at 63.74 USD/ounce; down 2.28 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices reversed to decrease in this morning's trading session. According to Christopher Lewis - precious metals analyst at FX Empire, silver prices are still fluctuating strongly as the market continues to monitor new developments in the Middle East. Geopolitical factors make investor sentiment cautious, increasing risks for large-scale investment decisions in silver in the short term.
Mr. Lewis said that the silver market may continue to fluctuate in the near future before a clearer trend forms. According to this expert, after tensions in the Middle East subside, investors are likely to return to focusing on the fundamentals of the market, especially the demand for silver to serve the field of artificial intelligence (AI) and the process of electrification is increasing globally.
The expert believes that the silver supply is still a noteworthy issue in the long term. However, recently, the market has not really paid much attention to this factor due to being dominated by geopolitical risks.
According to Mr. Lewis, as current instability factors subside, the supply-demand story may become the driving force for a new wave of silver price increases. However, in the short term, the market still needs more time to establish a trend.
He also believes that the current downward corrections can still be seen as buying opportunities. "However, if silver prices fall below the 60 USD/ounce threshold, market prospects may change significantly and prices are at risk of falling back to the 50 USD/ounce zone," he said.
According to him, this scenario only occurs when strong selling pressure appears widely.
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