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Silver prices rose sharply again today. On the morning of June 12, the world price of silver traded at 67.3 USD per ounce, up significantly from 63.4 USD per ounce in the previous session. This marks a strong rebound in silver prices after a sequence of declines over several days.
Silver moved higher in tandem with gold, which also recovered to around 4,200 USD per ounce from a multi-month low near 4,024 USD per ounce. Gold and silver gained as crude oil fell and the US dollar weakened.
Several local brands, including Phu Quý, DOJI, and Bao Tin Minh Chau, raised prices of silver bars to about 130,000 dong per tael compared with the previous day.
Silver ký brand prices also increased by millions of dong per tael. Ancarat’s buy/sell prices were 67.6 million dong and 69.7 million dong. The highest selling price for silver bars at SACOMBANK-SBJ was 70 million dong per tael, up about 4.3 million dong from yesterday.
Although silver rose again, experts cautioned that it remains under short-term pressure after several days of declines.
Christopher Lewis, a market analyst at FX Empire, said that while gold could test the 4,000 USD per ounce level, investors should watch silver at an important price level of 60 USD per ounce in the coming days.
In comments to Kitco, Lewis said that after several days of selling, silver is recovering back to around 60 USD per ounce as demand surfaces and the price rebounds. If that level holds, silver would have a more positive near-term outlook, though it remains influenced by US rate news and developments in the Middle East.
“It seems silver has been oversold, so it will rebound, but the 60 USD per ounce level is the key level to watch for the near-term trend. Demand for silver is higher than supply, which opens up the possibility of higher prices,” Lewis said.
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