Domestic silver price
As of 9:45 a.m. on June 23, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.392 - 1.435 million/tael (buy - sell); unchanged in both buying and selling directions compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.392 - 1.435 million VND/tael (buy - sell); unchanged in both buying and selling directions 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 37.119 - 38.266 million VND/kg (buy - sell); unchanged in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:45 a.m. on June 23 (Vietnam time), the world silver price was listed at 36.03 USD/ounce.
Causes and predictions
Gold prices continue to fall sharply, reflecting the market's reaction to the decision to keep interest rates unchanged by the US Federal Reserve (FED).
In the same trend, silver prices also weakened along with gold, but the decrease was somewhat held back by the widespread defensive mentality and the need to maintain safe-haven assets.
"Despite pressure from monetary policy, gold and silver still benefit from global instability," said Arslan Ali, a currency and commodity analyst. Geopolitical tensions and trade policy risks especially the possibility of the US imposing new tariffs ahead of the July 9 deadline are making investors more cautious about stocks and commodities.
According to the expert, investors are still sensitive to any escalation of global tensions or trade disruptions, as this could increase demand for the metal.
Meanwhile, the USD index decreased slightly after the FED's policy announcement, bringing small support to gold and silver.
"A weak US dollar is often beneficial for US dollar-denominated assets, especially when combined with the current risk-off sentiment in global equities," said Arslan Ali.
With inflation data and upcoming statements from the Fed, Arslan Ali said that the short-term trend of the metal will depend on risk sentiment and how the market evaluates the Fed scenario more slowly.
"In the immediate future, gold and silver may continue to fluctuate cautiously, but prices are still kept safe thanks to safe-haven demand" - Arslan Ali expressed his opinion.
See more news related to silver prices HERE.
