An artisan crafting silver products in Hunan province, central China. (Photo: Xinhua News Agency)
Specifically, at 8:30 AM on June 23rd, according to Vietnam Metals Exchange (VME), the price of 99.99% pure silver (excluding fees and VAT) in Hanoi was listed at 2,091,000 VND/ounce (buying price) and 2,125,000 VND/ounce (selling price), with a difference of 34,000 VND/ounce between the buying and selling prices.
In the Ho Chi Minh City market, the price of silver of the same type is listed at 2,092,000 VND/ounce (buying price) and 2,127,000 VND/ounce (selling price).
The price of 99.99% pure silver (excluding fees and VAT) in Hanoi and Ho Chi Minh City on the morning of June 23rd. (Source: giabac.net)
Phu Quy Gold and Gemstone Group listed the buying and selling prices of 999 silver bars and ingots this morning at 2,445,000 VND/ounce and 2,521,000 VND/ounce respectively.
The price of Phu Quy 999 silver bars (1kg) is being traded at 65,199,837 VND/kg (buying price) and 67,226,499 VND/kg (selling price).
At other brands, Ancarat lists the buying and selling price of silver at 2,446,000-2,522,000 VND/ounce. The price of silver bars from this brand is listed at 65,365,000 VND/kg (buying) - 67,387,000 VND/kg (selling).
Sacombank - SBJ Company listed the buying price of silver at 2,472,000 VND/ounce and the selling price at 2,550,000 VND/ounce. The price of silver bars of this brand was listed at 65,920,000 VND/kg (buying price) - 68,000,000 VND/kg (selling price).
On the global market, according to kitco.com, as of 8:30 AM on June 23rd (Vietnam time), the price of silver was trading at $64.58 per ounce, within a trading range of $63.76-$67.20 per ounce.
World silver price chart as of the morning of June 23rd. (Source: kitco.com)
Precious metals have been under sustained selling pressure since the Middle East conflict erupted in late February, as disruptions to energy flows through the Strait of Hormuz pushed oil prices higher, fueling inflation concerns and reinforcing expectations that central banks would raise interest rates to control price pressures.
Against this backdrop, signs of easing geopolitical tensions are somewhat supporting silver; however, the metal's outlook remains heavily dependent on developments in interest rates, inflation, and the pace of recovery in global energy supplies.
According to analyst Christopher Lewis, the silver market continues to experience significant volatility as the price of the white metal remains heavily influenced by the latest developments from the Middle East. In this context, opening a large position in silver at this time is still considered quite risky.
In the opening session on June 22, silver prices fell sharply as concerns related to the situation in the Middle East continued to weigh on market sentiment. However, silver prices later showed signs of recovery following news that Iran was willing to allow inspectors from the International Atomic Energy Agency (IAEA) access to its territory as part of the negotiation process.
Technically, the $60/ounce mark below continues to be considered a key support zone, while the $70/ounce mark above is acting as resistance for silver prices. According to Lewis, silver is currently trading just below the 200-day EMA, an area that often tends to attract price pullbacks.
Overall, silver is likely to continue fluctuating wildly, consolidating and awaiting a clearer signal to determine its next major direction. Once the market overcomes the instability in the Middle East, investors may return their attention to long-term fundamental factors, including: insufficient silver supply to meet the growing demand from sectors such as artificial intelligence (AI), renewable energy, and electrification.
Lewis argues that the aforementioned factors still provide positive macroeconomic support for silver in the long term, although the market has not focused much on this issue recently due to being dominated by geopolitical issues and interest rates.
In the short term, dips could still be seen as buying opportunities if support holds. However, if silver breaks below $60/ounce, the outlook will change significantly and could open the possibility of a deeper decline to the $50/ounce area. Even so, for this scenario to occur, the market would need very strong selling pressure.
According to Nhandan.vn
Source: https://baoangiang.com.vn/sang-23-6-gia-bac-mat-da-phuc-hoi-a489983.html
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