Domestic silver price
As of 9:15 a.m. on March 11, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND 1.204 - 1.241 million/tael (buy - sell), down VND 12,000/tael for buying and down VND 13,000/tael for 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 1.204 - 1.241 million VND/tael (buy - sell), down 12,000 VND/tael for buying and down 13,000 VND/tael for selling compared to early this morning.
World silver price
In the world market, as of 9:20 a.m. on March 11 (Vietnam time), the world silver price listed on Kitco was at 32.15 USD/ounce, down 1.19% compared to the previous trading session.
Causes and predictions
Gold and silver prices fell slightly in the first trading session of the week, according to Kitco senior analyst Jim Wyckoff. However, the continued sharp decline in the US stock market has helped keep safe-haven metal prices from falling too much.
Gold contracts for delivery in April fell $2.20 to $2,911.9/ounce. The price of silver delivered in May decreased by 0.179 USD to 32.63 USD/ounce.
The pressure to take a profit from short-term futures traders is also affecting both precious metals markets. US stock indexes fell sharply. Investors are concerned that trade tariffs could push the US economy into recession.
Important economic data this week include the February consumer price index (CPI) report on Wednesday and the February producer price index (PPI) report on Thursday.
In the foreign exchange market, the USD index is almost flat. Nymex crude oil futures fell slightly, trading around $66.50/barrel. The yield on the 10-year US Treasury note is currently at 4.22%.
The expert assessed that investors who bet on increased silver prices ( money contracts for delivery in May) have a short-term advantage. The next target for buyers is to push silver prices above the important resistance level, the highest level in February at 34.56 USD/ounce.
On the contrary, the sellers are aiming to pull prices below the strong support level at 31 USD/ounce.
The first resistance level for silver prices was at last week's highest level of 33.38 USD/ounce, followed by 34 USD/ounce. Meanwhile, the current important support levels are 32.5 USD/ounce and 32 USD/ounce.
See more news related to silver prices HERE...
