Domestic silver prices
As of 10:15 am on March 14, 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 3.174 - 3.276 million VND/tael (buying - selling); down 42,000 VND/tael on the buying side and down 37,000 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 the threshold of 3.022 - 3.115 million VND/tael (buying - selling); down 141,000 VND/tael on the buying side and down 146,000 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 80.586 - 83.066 million VND/kg (buying - selling); down 3.76 million VND/kg on the buying side and down 3.893 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 14 (Vietnam time), the world silver price was listed at 80.47 USD/ounce; down 3.77 USD compared to yesterday morning.
Causes and forecasts
Silver prices have just experienced a volatile trading week, mainly affected by investors' risk-taking sentiment and the strengthening of the USD.
According to precious metals analyst Christopher Lewis of FX Empire, in the past week, the silver market recorded a large fluctuation range, with prices at times jumping to about 90 USD/ounce but also at times falling to nearly 80 USD/ounce.
He said that many investors are still trying to push silver prices up to maintain the general upward trend of the market. However, this upward momentum is under significant pressure from the stronger USD in recent weeks - a factor that often reduces the attractiveness of precious metals.
If the silver price falls below the 80 USD/ounce threshold, the market may face the possibility of continuing to adjust to the 70 USD/ounce zone. This is considered an important support level for the current market. In case this threshold is broken, selling pressure may increase more strongly" - the expert said.
Christopher Lewis added that, in addition to the impact of the USD, the silver market is also under pressure from high interest rates in the US, along with concerns related to the global geopolitical situation. Although silver is sometimes seen as an asset haven channel, the role of this metal is still second to gold in the precious metals market.
In that context, silver prices may continue to fluctuate strongly and sideways in the near future, at least until the market has more clear signals about the trend of the USD as well as the developments of the world geopolitical situation" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
