Silver price fluctuation June 30th: Decline, under heavy pressure

Domestic silver prices

As of 9:25 am on June 30, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Jewelry Company was listed at 2.173 - 2.229 million VND/tael (buying - selling); down 54,000 VND/tael on the buying side and down 55,000 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 57.170 - 58.940 million VND/kg (buying - selling); down 1.426 million VND/kg on the buying side and down 1.466 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 2.167 - 2.239 million VND/tael (buying - selling); down 67,000 VND/tael on the buying side and down 69,000 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 2.174 - 2.241 million VND/tael (buying - selling); down 58,000 VND/tael on the buying side and down 60,000 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 57.973 - 59.759 million VND/kg (buying - selling); down 1.546 million VND/kg on the buying side and down 1.600 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:30 am on June 30 (Vietnam time), the world silver price was listed at 57.3 USD/ounce; down 1.68 USD/ounce compared to yesterday morning.

Causes and forecasts

According to Mr. Christopher Lewis - precious metals analyst at FX Empire, the silver market is still in a period of strong fluctuations and unpredictable developments. After a period of deep decline, silver prices are trying to recover, but it is still too early to confirm the reversal trend.

Mr. Lewis believes that the 60 USD/ounce mark is an important threshold that the market is monitoring. If it surpasses this price level, silver can regain its recovery momentum. Conversely, if it cannot conquer the 60 USD/ounce mark, the price may continue to fluctuate or fall back.

He said that the trend of silver in the coming time will mainly depend on the diễn biến of the USD and US interest rate policy, because these are factors that have a major impact on the precious metals market.

According to Mr. Lewis, if silver prices fall below the 55.50 USD/ounce mark, the market may continue to retreat to the 50 USD/ounce zone.

This scenario is likely to occur if the USD continues to appreciate against major currencies. Conversely, if the price exceeds and remains above the 60 USD/ounce mark, silver may recover to around 65 USD/ounce as the market gradually finds stability," he analyzed.

Although believing that silver is in a "oversold" state, Mr. Lewis is still cautious about the long-term outlook. According to him, this may be a suitable opportunity for short-term traders to take advantage of market recovery, but it is not yet time to increase the proportion of large investments.

Experts from FX Empire also noted that the silver market always has very high potential volatility. Therefore, investors need to manage risks tightly and closely monitor the diễn biến of the USD as well as the monetary policy of the US Federal Reserve (Fed) before making a trading decision.