Domestic silver prices
As of 9:30 am on March 11, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.314 - 3.396 million VND/tael (buying - selling); down 49,000 VND/tael on the buying side and down 50,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 87,400 - 90,060 million VND/kg (buying - selling); down 1.294 million VND/kg on the buying side and down 1.334 million VND/kg on the selling side compared to yesterday morning.
The price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Company Limited (Sacombank-SBJ) is listed at 3.342 - 3.444 million VND/tael (buying - selling); down 75,000 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 3.315 - 3.418 million VND/tael (buying - selling); down 58,000 VND/tael on the buying side and down 59,000 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 88.399 - 91.146 million VND/kg (buying - selling); down 1.547 million VND/kg on the buying side and down 1.573 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:35 AM on March 11 (Vietnam time), the world silver price was listed at 88.61 USD/ounce; a slight increase of 0.23 USD compared to yesterday morning.
Causes and forecasts
The silver market just recorded a strong price increase in yesterday's trading session (Tuesday), showing signs of recovery in the context that the global financial market is still volatile. However, precious metal analyst Christopher Lewis of FX Empire believes that the short-term trend of this precious metal is still quite difficult to predict.
The reason is that the market is being affected by many opposing factors. On the one hand, central banks around the world may have to start a cycle of interest rate cuts in the near future. If this happens, silver - like many other precious metals - may benefit from a low interest rate environment," he said.
On the other hand, the expert said that the USD still maintains significant strength in the currency market. In most cases, a strong USD often puts pressure on silver prices. Although this relationship is not always absolute, it is still a factor that makes it difficult for the market to break through strongly in the short term.
In that context, many traders believe that a reasonable strategy is to wait for small corrections to find opportunities to participate in the market, instead of betting on too rapid price increases" - Christopher Lewis said.
Technically, he believes that the threshold of 80 USD/ounce is a round price with important psychological significance and is also a region that has repeatedly played a supporting role for the market.
In the opposite direction, the 100 USD/ounce mark is considered a noteworthy target in the long term. This is both a strong psychological resistance level and an attractive price that the market can aim for if the upward trend is maintained" - Christopher Lewis said.
However, Christopher Lewis believes that to reach this threshold, the silver market will need more momentum. In the short term, price fluctuations are likely to continue as the market is in the process of adjusting after previous waves of increase.
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