Domestic silver price
As of 9:25 a.m. on March 13, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.243 - VND1.281 million/tael (buy - sell), an increase of VND15,000/tael for both buying and 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 1.243 - 1.281 million VND/tael (buy - sell), an increase of 15,000 VND/tael for both buying and selling compared to early this morning.
World silver price
In the world market, as of 9:27 a.m. on March 13 (Vietnam time), the world silver price listed on Goldprice.org was at 33.23 USD/ounce, up 1.37% compared to the previous trading session.
Causes and predictions
According to Kitco senior analyst Jim Wyckoff, silver prices recorded the strongest increase in 3 weeks. The reason is that the US inflation report shows that the consumer price index (CPI) is slightly lower than expected.
In addition, safe-haven demand for this precious metal remains strong as concerns about global trade tensions could slow down the world's economic growth rate.
The price of silver futures for May increased by 0.538 USD, reaching 33.68 USD/ounce.
The February CPI report showed that US consumer prices rose 2.8% year-on-year, down from the forecast of 2.9% and down from a 3.0% increase in January. The Producer Price Index (PPI) report, due today, is expected to increase by 0.3% compared to the previous month, down from 0.4% in January. After the CPI report was released, the USD index fell almost to its previous increase.
According to the expert, investors betting on increased silver futures for May are dominating in the short term. The next target for buyers is to push prices above the strong resistance level at the February peak of 34.56 USD/ounce. On the contrary, the sellers are looking to push prices below the important support level at the bottom of February at 31.365 USD/ounce.
Regarding important prices:
The first resistance level was 34.00 USD/ounce, followed by 34.56 USD/ounce.
The first support level was 33.18 USD/ounce, followed by 33.00 USD/ounce.
See more news related to silver prices HERE...
