Domestic silver prices
As of 10:30 am on March 18, 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 3.045 - 3.144 million VND/tael (buying - selling); down 108,000 VND/tael on the buying side and down 111,000 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 2.958 - 3.049 million VND/tael (buying - selling); down 97,000 VND/tael on the buying side and down 100,000 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 78.879 - 81.306 million VND/kg (buying - selling); down 2.587 million VND/kg on the buying side and down 2.667 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:30 am on March 18 (Vietnam time), the world silver price was listed at 78.86 USD/ounce; down 2.25 USD compared to yesterday morning.
Causes and forecasts
The silver market in the morning trading session on Wednesday recorded quite quiet developments when the price fluctuated around the threshold of 80 USD/ounce. According to technical signals, this threshold is creating resistance right above this level, showing that the sideways trend is still dominant.
According to precious metals analyst Christopher Lewis of FX Empire, market sentiment is currently affected by concerns about "stagflation" - as job growth slows down but price pressure remains high. In that context, the possibility of the US Federal Reserve (Fed) maintaining high interest rates for a longer period continues to put pressure on precious metals, including silver.
Current developments show that the market is entering a accumulation phase after strong fluctuations before. Silver prices once skyrocketed and then quickly adjusted deeply, causing investor confidence to be affected and need more time to recover" - he said.
He added that in the short term, the 80 USD/ounce price range is considered a relatively balanced level, with the fluctuation range mainly in the range from 70 USD/ounce at the bottom to 90 USD/ounce at the top. If the price adjusts down, buying opportunities may appear when the market has short-term recovery signals.
However, the expert also said that compared to gold, silver is still less attractive in the eyes of investors. According to historical trends, gold is often prioritized in the context of economic instability, and this continues to be reflected in the current period.
If silver prices break through the important support level of 70 USD/ounce, this will be a negative signal for the market. Although a buy strategy when prices fall can still be considered, investors should be cautious and limit holding long-term positions when the trend is not really clear" - Christopher Lewis emphasized.
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