Domestic silver prices
As of 9:20 am on March 19, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2,860 - 2,930 million VND/tael (buying - selling); down 101,000 VND/tael on the buying side and down 104,000 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 75.344 - 77.634 million VND/kg (buying - selling); down 2.692 million VND/kg on the buying side and down 2.772 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 2.967 - 3.066 million VND/tael (buying - selling); down 78,000 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 2.857 - 2.945 million VND/tael (buying - selling); down 101,000 VND/tael on the buying side and down 104,000 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 76.186 - 78.533 million VND/kg (buying - selling); down 2.693 million VND/kg on the buying side and down 2.773 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:20 am on March 19 (Vietnam time), the world silver price was listed at 76.08 USD/ounce; down 2.78 USD compared to yesterday morning.
Causes and forecasts
Silver prices turned down, showing that the upward momentum is temporarily stalling as the market is cautious in the face of signals from the US Federal Reserve (Fed). Currently, this metal is mainly fluctuating around the 80 USD/ounce mark, amid investors' concerns about the upcoming monetary policy orientation.
According to precious metals analyst Christopher Lewis of FX Empire, the Fed's statements and press conferences this time may strongly impact market sentiment. Investors will also ask more questions about the sustainability of the recent recovery, especially when silver prices have fallen deeply before and are currently in a period of re-accumulation.
Technically, the 70 USD/ounce zone is considered an important support threshold. The possibility of price recovery is still there, but more time and confirmation from the market are needed" - Christopher Lewis said.
Notably, in the next few days, a series of interest rate decisions from major central banks such as the US, UK, Japan, Switzerland, Canada and the European Central Bank (ECB) will be announced. These moves may cause strong fluctuations in interest rates, exchange rates and thereby directly affect the precious metals market.
In the current context, the "buy when price drops" strategy is still being considered, but investors should be patient. The market is likely to continue to fluctuate in the accumulation zone, and important levels will be closely monitored to detect breakthrough signals or deep decline risks" - Christopher Lewis gave his opinion.
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