Domestic silver price
As of 9:10 a.m. on March 7, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1,221 - 1.259 million VND/tael (buy - sell), down 5,000 VND/tael for both buying and selling compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.226 - 1.264 million VND/tael (buy - sell), down 5,000 VND/tael for both buying and selling compared to early this morning.
World silver price
On the world market, as of 9:15 a.m. on March 7 (Vietnam time), the world silver price listed on Goldprice.org was at 32.44 USD/ounce, down 0.42% compared to the previous trading session.
Causes and predictions
According to Kitco, gold and silver prices in the US trading session at noon on Thursday did not fluctuate much compared to the previous price. After the increase at the beginning of the week, the market recorded some slight profit-taking activities, but the buying pressure when prices decreased helped prices remain near stable levels. Many short-term traders may be temporarily out of the market waiting for the US jobs report to be released on Friday (local time).
In addition, the European Central Bank cut its key interest rate by 0.25% as expected. The financial market today recorded a weakening USD index, reaching a four-month low. Nymex crude oil prices decreased slightly, trading around 66.25 USD/barrel. The yield on the 10-year US Treasury note was at 4.30%.
Mr. Jim Wyckoff - senior analyst at Kitco - commented that safe-haven demand in the context of increased geopolitical tensions and a sharp decrease in the US dollar index this week is a supporting factor for gold and silver prices.
The expert assessed that silver speculators may still have a small advantage in the short term. To push prices higher, the next upward price target for buyers is to close above the important resistance level at 34.56 USD - the highest level in February. On the contrary, the sellers will aim to pull the price below the strong support level at 31 USD.
The first resistance level: 33.50 USD/ounce, followed by 34 USD/ounce.
The next support level: 32.395 USD/ounce (the lowest level since Wednesday's trading session), followed by 32 USD/ounce.
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