Domestic silver prices
As of 9:10 am on June 24, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2,330 - 2,407 million VND/tael (buying - selling); down 89,000 VND/tael on the buying side and down 92,000 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 2.337 - 2.409 million VND/tael (buying - selling); down 87,000 VND/tael on the buying side and down 90,000 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 62.319 - 64.239 million VND/kg (buying - selling); down 2.32 million VND/kg on the buying side and down 2.4 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 24 (Vietnam time), the world silver price was listed at 61.49 USD/ounce; down 2.25 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices fell in the first trading session of the week as risk-taking sentiment in the market weakened, following information related to tensions in the Middle East region, which has an important energy transportation route. This development made investors more cautious, pulling silver prices down slightly in the short term.
According to precious metals analyst Christopher Lewis (FX Empire), the silver market is still in a state of strong volatility, so managing the scale of trading positions is considered a very important factor in this period.
He believes that silver prices are approaching the threshold of 60 USD/ounce - an important psychological milestone, attracting great attention from the market. This is an area that can create significant volatility, as investors monitor whether the price can be surpassed or resisted.
In case the price recovers, the 67.75 USD/ounce zone will be a noteworthy resistance level. Conversely, if the price breaks through the 60 USD/ounce mark, the market may continue to move towards the 50 USD/ounce zone - a price that is assessed as potentially putting great pressure on investor sentiment" - Christopher Lewis analyzed.
This expert also noted that the traditional correlation between low interest rates and rising silver prices is showing signs of weakening, making market developments more unpredictable.
Overall, the silver market is currently in the process of finding a balanced zone. The next trend is likely to depend on global risk psychology developments and factors related to monetary policy in the coming time" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
