Silver price fluctuations 12.3: Rising, highest in many days

Domestic silver price

As of 9:45 a.m. on March 12, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.228 - 1.266 million VND/tael (buy - sell), an increase of 24,000 VND/tael for buying and an increase of 25,000 VND/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 1.228 - 1.266 million VND/tael (buy - sell), an increase of 24,000 VND/tael for buying and an increase of 25,000 VND/tael for selling compared to early this morning.

World silver price

On the world market, as of 9:46 a.m. on March 12 (Vietnam time), the world silver price listed on Kitco was at 32.77 USD/ounce, up 2.05% compared to the previous trading session.

Causes and predictions

Gold and silver prices are climbing as safe-haven demand increases amid concerns about the US economic downturn and a major sell-off in the stock market, according to Kitco senior analyst Jim Wyckoff.

The USD index, which fell to its lowest level in the past 4 months, also actively supported these two precious metals. Gold futures for April increased by $23.30 to $2,922.90 an ounce. The price of silver futures for May increased by 0.70 USD to 33.23 USD/ounce.

This week, investors are paying attention to important US economic data, including the February consumer price index (CPI) report on Wednesday and the February producer price index (PPI) report on Thursday. The CPI is forecast to increase by 2.9% over the same period last year, down slightly from the increase of 3.0% in January. The PPI is expected to increase by 0.3% compared to the previous month, lower than the increase of 0.4% in the January report.

The expert assessed that silver futures speculators are having 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 31.365 USD/ounce.

The first resistance level for silver prices was at 33.40 USD, followed by 34.00 USD. Meanwhile, the current important support levels are 33.00 USD/ounce and 32.50 USD/ounce.