Domestic silver prices
As of 10:15 am on March 13, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.167 - 3.245 million VND/tael (buying - selling); down 45,000 VND/tael on the buying side and down 46,000 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 83.494 - 86.034 million VND/kg (buying - selling); down 1.196 million VND/kg on the buying side and down 1.226 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 3.216 - 3.313 million VND/tael (buying - selling); down 39,000 VND/tael on the buying side and down 44,000 VND/tael on the selling side compared to yesterday morning.
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at 3.163 - 3.261 million VND/tael (buying - selling); down 46,000 VND/tael on the buying side and down 47,000 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 84.346 - 86.959 million VND/kg (buying - selling); down 1.227 million VND/kg on the buying side and down 1.254 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on March 13 (Vietnam time), the world silver price was listed at 84.24 USD/ounce; down 1.37 USD compared to yesterday morning.
Causes and forecasts
Gold and silver prices continued to fall under pressure from the rise of the USD and US Treasury bond yields. In addition, concerns that rising global inflation could weaken the world economy and reduce demand for precious metals.
Specifically, gold for April delivery fell 43 USD, to 5,136.40 USD/ounce. Meanwhile, silver for May delivery fell 0.365 USD, to 85.15 USD/ounce.
Kitco analyst Jim Wyckoff said that safe-haven demand in the context of the conflict in Iran and risk avoidance sentiment in the market are not strong enough to support gold and silver prices. Instead, the appreciation of the USD along with rising US bond yields are putting pressure on these two precious metals to weaken.
Notably, although the war in the Middle East is considered one of the major geopolitical events and most likely to cause instability in decades, its impact on the gold and silver markets is quite limited. When the market cannot increase in price despite the emergence of positive fundamental supporting factors, it may indicate that buying power is weakening" - Jim Wyckoff said.
Technically, Jim Wyckoff believes that the nearest resistance level for silver is currently determined at 90.385 USD/ounce, followed by 92.50 USD/ounce. Meanwhile, important support levels are at 84.06 USD/ounce and 82.50 USD/ounce.
See more news related to silver prices HERE...
