Domestic silver prices
As of 9:25 am on March 12, 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 3.255 - 3.357 million VND/tael (buying - selling); down 87,000 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 3.209 - 3.308 million VND/tael (buying - selling); down 106,000 VND/tael on the buying side and down 110,000 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 85.573 - 88.213 million VND/kg (buying - selling); down 2.826 million VND/kg on the buying side and down 2.933 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:25 am on March 12 (Vietnam time), the world silver price was listed at 85.61 USD/ounce; down 3.3 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to weaken as the USD strengthened, while some other macroeconomic factors still hindered the upward momentum of this metal.
According to precious metals analyst Christopher Lewis of FX Empire, market developments show that silver still faces many difficulties in conquering the 90 USD/ounce mark. This is an important resistance level that the price has tried to overcome many times but has not succeeded. Therefore, the big question of the market today is whether silver can break through this mark or not.
In the current context, risk-fearing sentiment in the market is declining, which is not really beneficial for silver. Unlike gold, silver is not considered a safe haven asset but is mainly an industrial metal. Therefore, silver prices tend to fluctuate in the opposite direction to the USD, making trading activities more difficult," he said.
In the short term, Christopher Lewis believes that downward corrections may pull silver prices down further. This is considered an area where buying power may appear to support the market. However, if the price falls deeper, especially below the 80 USD/ounce mark, the market may head towards the 70 USD/ounce zone - the bottom of the previous accumulation period.
However, the long-term trend of silver is still assessed as more positive. Buying strategy when prices adjust may be an option to participate in the market, but investors need to be particularly cautious because silver has much stronger volatility than gold" - Christopher Lewis said.
However, Christopher Lewis believes that although buying power may appear in low price zones, the silver market is still recommended to be watched cautiously in the coming time.
See more news related to silver prices HERE...
