Domestic silver price
As of 9:45 a.m. on June 27, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.414 - 1.458 million VND/tael (buy - sell); an increase of 12,000 VND/tael for buying and an increase of 13,000 VND/tael for selling compared to early this morning.
The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.414 - 1.458 million VND/tael (buy - sell); an increase of 12,000 VND/tael for buying and an increase of 13,000 VND/tael for 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 37.706 - 38.879 million VND/kg (buy - sell); an increase of 320,000 VND/kg for buying and an increase of 346,000 VND/kg for selling compared to early this morning.
World silver price
On the world market, as of 9:50 a.m. on June 27 (Vietnam time), the world silver price was listed at 36.62 USD/ounce; up 0.28 USD compared to yesterday morning.
Causes and predictions
Silver prices continued to rise, supported around the 36.30 USD mark as traders assessed the phase shift signal from the broader metal group and the macroeconomic situation.
The US dollar continues to weaken, falling below the key support level of 97.621 and hitting its lowest level since early 2022, said James Hyerczyk, a market analyst. The weakening of the USD is the main factor driving silver prices. In addition, when gold lost its safe haven role, cash flow has somewhat shifted to silver".
The expert said that the short-term outlook for silver remains positive, as long as prices remain above the key support level of 36.30 USD/ounce.
"Although the US dollar is still facing many fluctuations and the stock market is attracting investment cash flow, silver is still showing significant rebound - even as gold weakens. This reflects the solid supporting foundation of the silver market.
Unless gold plummets sharply or the USD recovers unexpectedly, silver prices are likely to continue moving towards the 37.32 USD/ounce mark in the coming time" - James Hyerczyk said.
See more news related to silver prices HERE...
