Domestic silver price
As of 9:20 a.m. on March 10, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.216 - 1.254 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to early this morning.
If buying silver bars at Phu Quy Jewelry Group in the session of 3.3 and selling in this morning's session (March 10), buyers at Phu Quy Jewelry Group will lose up to 39,000 VND/tael.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.216 - 1.254 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to early this morning.
World silver price
On the world market, as of 9:25 a.m. on March 10 (Vietnam time), the world silver price listed on Goldprice.org was at 32.33 USD/ounce.
Causes and predictions
According to Fxstreet, traders are largely unaware of the weakening of the US dollar, while rising US government bond yields have limited the increase in silver prices. However, the precious metal is still on the rise every week as safe-haven demand continues.
Accordingly, instability surrounding US trade policies, especially US President Donald Trump's tax moves, has contributed to the strength of silver.
In the long term, Ole Hansen - Head of Commodity Strategy at Saxo Bank, believes that silver could surpass gold in 2025.
This years silver price increase has not had a big difference in basic factors compared to previous increases. Silver still reflects gold's fluctuations, but with stronger intensity. Often likened to "upward" gold, silver tends to increase and decrease more strongly than its stable brother, Hansen said.
Hansen said silver will only reach a 12-year high in 2024, while gold has continuously set historical peaks.
With a dual role - both balancing investment demand and meeting industrial demand, silver could outperform gold next year. At Saxo, we predict that the gold- silwer price ratio, currently around 87, could fall to around 75, the level we saw in early 2024.
If this happens and gold reaches the forecast of $3,000/ounce (up 13%), silver prices could reach $40/ounce (up more than 25%) - Hansen concluded.
See more news related to silver prices HERE...
