Domestic silver prices
As of 9:50 am on March 20, 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 the threshold of 2.907 - 3.006 million VND/tael (buying - selling); down 60,000 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 2.779 - 2.865 million VND/tael (buying - selling); down 78,000 VND/tael on the buying side and down 80,000 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 74.106 - 76.399 million VND/kg (buying - selling); down 2.08 million VND/kg on the buying side and down 2.134 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on March 20 (Vietnam time), the world silver price was listed at 73.9 USD/ounce; down 2.18 USD compared to yesterday morning.
Causes and forecasts
Silver prices recorded a significant decrease in the first trading session of Friday, as US bond yields continued to rise, putting great pressure on the precious metals market.
As soon as it opened, silver prices plummeted and retreated to test the important threshold of 70 USD/ounce. This is considered a key support zone, and also the bottom of the accumulation phase that has lasted for many months, so it is being specifically monitored by investors.
According to precious metals analyst Christopher Lewis of FX Empire, if silver prices continue to break through the 70 USD/ounce mark, the market may face a deeper decline risk.
He added that pressure on silver prices mainly comes from the strengthening of the USD, in the context of rising US bond yields. In addition, the negative reaction of the market after the meeting of the US Federal Reserve (FOMC) also contributed to making investor sentiment more cautious.
Although the short-term trend is still volatile, if silver prices recover and regain their upward momentum, the 80 USD/ounce mark will be an important resistance level. Overcoming this level may send a positive signal for the upward trend" - Christopher Lewis said.
Conversely, in a negative scenario, if the price continues to weaken, Christopher Lewis believes that the market may lose supporting factors, pulling the price back to the 50 USD/ounce zone.
In the current context, investors need to be cautious, especially in managing risks and trading scale, as the market is still heavily affected by macroeconomic factors" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
