Domestic silver prices
As of 10:00 AM on March 10th, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) was listed at the threshold of 3.417 - 3.519 million VND/tael (buying - selling); an increase of 228,000 VND/tael in both directions 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 3.373 - 3.477 million VND/tael (buying - selling); an increase of 262,000 VND/tael on the buying side and an increase of 271,000 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 89.946 - 92.719 million VND/kg (buying - selling); an increase of 7.013 million VND/kg on the buying side and an increase of 7.226 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:35 am on March 10 (Vietnam time), the world silver price was listed at 88.38 USD/ounce; up 4.38 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices surged in Tuesday's trading session amid investors cautiously awaiting reports on the US Consumer Price Index (CPI) expected to be released on Wednesday.
However, precious metals analyst James Hyerczyk of FX Empire believes that the impact of this CPI report may not be too large on the silver market. The reason is that the data will not fully reflect the impact of the strong increase in crude oil and gasoline prices in recent times.
Oil prices have increased sharply since tensions between the United States and Iran escalated since the end of February, after the closing of data for the inflation report last month. In the context of prolonged conflict and oil prices fluctuating around the psychological threshold of 100 USD/barrel, inflation risk continues to be a topic of market concern.
However, if the upward momentum of oil prices only lasts for a short time, the impact on inflation can still be controlled," he said.
Developments in the financial markets last week show that this is mainly a process of adjusting investor positions, rather than a major trend change. Silver, US Treasury bond yields and the USD are all fluctuating but still within control.
According to James Hyerczyk, traders are adjusting their portfolios based on new expectations about the monetary policy of the US Federal Reserve (Fed).
If oil prices remain high for a long time and increase inflationary pressure, James Hyerczyk believes that the Fed may have to postpone its interest rate cut plan in 2026. As interest rates continue to be high, speculative capital inflows into silver - which bet on the monetary easing cycle - may decline.
In addition to investment demand, silver is also heavily dependent on demand from the industrial sector. Therefore, any changes in global economic growth prospects and monetary policy could strongly affect the price of this metal," James Hyerczyk said.
See more news related to silver prices HERE...
