Domestic silver prices
As of 9:20 am on June 26, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at 2.134 - 2.205 million VND/tael (buying - selling); down 23,000 VND/tael on the buying side and down 24,000 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 2.149 - 2.215 million VND/tael (buying - selling); down 13,000 VND/tael on the buying side and down 14,000 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 57.039 - 58.799 million VND/kg (buying - selling); down 614,000 VND/kg on the buying side and down 640,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on June 26 (Vietnam time), the world silver price was listed at 56.06 USD/ounce; down 0.45 USD/ounce compared to yesterday morning.
Causes and forecasts
Silver prices continued to face pressure in Friday's trading session as the market risked losing important support zones. According to Christopher Lewis - precious metals analyst at FX Empire, as long as the USD maintains its strength, silver prices will face many difficulties in recovering.
This expert believes that if silver prices fall, the possibility of falling back to the 50 USD/ounce mark is only a matter of time. In the current context, short-term uptrends are mainly exploited by investors to sell, because the market has not shown strong enough momentum to maintain the upward trend.
Regarding technical analysis, Mr. Lewis said that the 67.54 USD/ounce mark plays an important resistance level. If the price crosses this zone, the market may send a more positive signal. However, at the present time, the general psychology of traders still leans towards a downward trend whenever the price recovers in the short term.
From a macroeconomic perspective, FX Empire expert believes that the market is gradually removing inflation from price movements. "If this trend continues, many commodities, including silver, will continue to be under pressure. Meanwhile, the US economy shows signs of recovery, while global inflation is still high and difficult to control. This contributes to strengthening the USD and putting pressure on silver prices," he said.
However, in terms of long-term prospects, Mr. Christopher Lewis still maintains a positive view on silver. He believes that if the price adjusts to the 50 USD/ounce zone - a level that has repeatedly played a historical peak in the past - the market will attract great attention from investors and this may be a price range worth watching.
See more news related to silver prices HERE...
