Domestic silver price
As of 9:12 a.m. on June 25, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.386 - 1.429 million/tael (buy - sell); down VND5,000/tael for both buying and selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.386 - 1.429 million VND/tael (buy - sell); down 5,000 VND/tael for both buying and selling 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 36,959 - 38,106 million VND/kg (buy - sell); down 134,000 VND/kg for buying and down 133,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:15 a.m. on June 25 (Vietnam time), the world silver price was listed at 35.95 USD/ounce; down 0.11 USD compared to yesterday morning.
Causes and predictions
The silver market has eased slightly after reports of an agreement between Iran and Israel on a ceasefire, causing demand for safe-haven assets to plummet.
Christopher Lewis - senior market analyst - said: "Although the price has decreased, silver is not only a safe asset, but also an industrial metal. So the question is: is the current industrial demand strong enough to continue pushing silver prices up as before? ".
The expert said that the silver market is still sending a positive signal, as prices fluctuated around 35.50 USD/ounce and then rebounded, showing a clear rebound. This trend is also happening similarly for gold.
In addition, a weakening US dollar also contributes to supporting silver prices. Currently, this market is reacting in the direction of accepting risks. If prices surpass the 37.50 USD/ounce mark, the next threshold could be 40 USD/ounce" - Christopher Lewis expressed his opinion.
Speculators expecting a July rally in silver prices are still holding a near-term technical advantage, according to analyst Jim Wyckoff.
"The next target for buyers is to push silver prices above the important resistance level at 37.405 USD/ounce. On the contrary, the sellers are aiming to pull prices below the solid support level at 35.00 USD/ounce.
The first resistance level for silver prices was at 36.315 USD/ounce, followed by 37.00 USD/ounce. Meanwhile, the current important support levels are 37.00 USD/ounce and 35.00 USD/ounce," said Jim Wyckoff.
See more news related to silver prices HERE...
