Domestic silver prices
As of 9:30 am on March 17, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.059 - 3.134 million VND/tael (buying - selling); an increase of 61,000 VND/tael on the buying side and a decrease of 62,000 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 80.624 - 83.074 million VND/kg (buying - selling); an increase of 1.604 million VND/kg on the buying side and an increase of 1.654 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 3.153 - 3.255 million VND/tael (buying - selling); an increase of 54,000 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 3.055 - 3.149 million VND/tael (buying - selling); an increase of 60,000 VND/tael on the buying side and a decrease of 61,000 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 the threshold of 81.466 - 83.973 million VND/kg (buying - selling); an increase of 1.6 million VND/kg on the buying side and an increase of 1.627 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 am on March 17 (Vietnam time), the world silver price was listed at 81.11 USD/ounce; up 0.64 USD compared to yesterday morning.
Causes and forecasts
The silver market opened the trading week with quite active developments as prices continued to fluctuate around the threshold of 80 USD/ounce, an important psychological milestone for investors.
In the last session of Monday, a slight weakening of the USD somewhat supported silver prices. However, in reality, interest rates are trending upwards, reducing the attractiveness of this precious metal as investors have more profitable options from other financial assets.
According to precious metals analyst Christopher Lewis of FX Empire, from technical signals, the market may open up opportunities to increase to the 90 USD/ounce zone. However, after the previous strong increase period, the market is trending sideways to consolidate, which is considered necessary for a sustainable long-term upward momentum.
In the opposite direction, if the price adjusts down, the 70 USD/ounce mark is considered a strong support zone, while 90 USD/ounce or more will be a noteworthy resistance zone" - he said.
Christopher Lewis believes that the current price partly reflects the reasonable value of silver in the current market context. Regarding investment strategy, he believes that buying when the price adjusts down is still a suitable option.
However, investors need to control the scale of their positions because the silver market is inherently volatile. In the context of geopolitical conflicts, inflationary pressure and instability related to central bank policy, the precious metals market in general still contains many risks. Therefore, although the silver outlook is still positive, investors should maintain cautious optimism when participating in the market" - Christopher Lewis emphasized.
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