Domestic silver price
As of 9:35 a.m. on June 26, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.402 - 1.445 million/tael (buy - sell); an increase of VND16,000/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 1.402 - 1.445 million VND/tael (buy - sell); increased by 16,000 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 37.386 - 38.533 million VND/kg (buy - sell); an increase of 427,000 VND/kg in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:40 a.m. on June 26 (Vietnam time), the world silver price was listed at 36.34 USD/ounce; up 0.39 USD compared to yesterday morning.
Causes and predictions
The silver market has held the familiar support zone around 35.50 USD in recent days. This shows that the market is still trying to maintain its upward momentum, according to senior market analyst Christopher Lewis.
"If prices break this zone, traders may shift their focus to the next increase. If silver continues to decline and still breaks through the 33 USD/ounce mark, it will be a worrying sign for the current uptrend.
However, there is a high chance that prices will rebound from this zone and head towards the resistance level around 37.50 USD/ounce - which had previously blocked the increase," said the expert.
However, Christopher Lewis believes that silver is a volatile market. " Prices may be strongly affected by the development of the USD or industrial demand. Although there are times when prices fall sharply despite unchanged demand, in the long term, the uptrend still dominates. Therefore, I still have a positive view on silver" - Christopher Lewis commented.
In addition, the weakening USD also contributed to supporting silver prices. Currently, this market is reacting in the direction of accepting risks. "If prices break above the 37.50 USD/ounce mark, the next threshold could be 40 USD/ounce," Christopher Lewis said.
See more news related to silver prices HERE...
