Domestic silver prices
As of 9:00 am on June 25, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2.163 - 2.218 million VND/tael (buying - selling); down 176,000 VND/tael on the buying side and down 181,000 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 56.886 - 58.646 million VND/kg (buying - selling); down 4.688 million VND/kg on the buying side and down 4.828 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 2.157 - 2.229 million VND/tael (buying - selling); down 173,000 VND/tael on the buying side and down 178,000 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 2.162 - 2.229 million VND/tael (buying - selling); down 175,000 VND/tael on the buying side and down 180,000 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 57.653 - 59.439 million VND/kg (buying - selling); down 4.666 million VND/kg on the buying side and down 4.8 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 25 (Vietnam time), the world silver price was listed at 56.51 USD/ounce; down 4.98 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices are continuing to bear downward pressure as they continuously test important support levels. This development increases concerns about the possibility of a strong sell-off in the market.
According to Christopher Lewis - precious metal analyst at FX Empire, silver prices have broken through the 60 USD/ounce mark and if the downward trend continues, this precious metal may retreat to the 50 USD/ounce zone.
In the immediate future, the 58 USD/ounce threshold is considered an important support zone. If this level is broken, selling pressure may increase significantly, especially in the context of the USD continuing to strengthen" - he said.
Mr. Lewis also said that the current recovery waves may only be technical and become an opportunity for investors to take profits or increase selling positions. Experts believe that the upward momentum of silver prices is facing many resistance forces. Technical signals show that the market is still not strong enough to reverse the downward trend in the short term.
A noteworthy point, according to this expert, is that the common relationship between interest rates and silver prices is showing signs of weakening. Usually, interest rate reductions will support silver prices to rise. However, currently, although interest rates in the US tend to decrease, the USD still maintains its upward momentum, causing silver prices not to benefit as before.
He believes that investors are gradually shifting their attention away from geopolitical tensions in the Middle East to focus more on economic prospects and the strength of the USD. This contributes to changing the trading sentiment in the silver market.
Although assessing short-term prospects as still challenging, Mr. Lewis still believes that in the long term, silver prices may recover and enter a new upward cycle similar to the period a year ago. "However, at the present time, supply and demand factors are not the focus of market interest" - Christopher Lewis assessed.
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