Domestic silver prices
As of 9:50 am on March 21, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2,550 - 2,613 million VND/tael (buying - selling); down 232,000 VND/tael on the buying side and down 237,000 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 67.140 - 69.180 million VND/kg (buying - selling); down 6.13 million VND/kg on the buying side and down 6.32 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 2.856 - 2.995 million VND/tael (buying - selling); down 51,000 VND/tael on the buying side and down 11,000 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 2.549 - 2.628 million VND/tael (buying - selling); down 230,000 VND/tael on the buying side and down 237,000 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 67.973 - 70.079 million VND/kg (buying - selling); down 6.133 million VND/kg on the buying side and down 6.32 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 21 (Vietnam time), the world silver price was listed at 69.63 USD/ounce; down 4.27 USD compared to yesterday morning.
Causes and forecasts
Silver prices continue to face many difficulties as US government bond yields, especially 10-year term, maintain an upward trend. This development creates an unfavorable environment for investors holding precious metals, while putting great pressure on silver price trends in the short term.
In the last trading session of the week, the market recorded a decrease below the 70 USD/ounce mark, in the context that bond yields not only increased in the US but also spread to other major markets such as Germany. This caused cash flow to tend to shift from precious metals to better profitable assets.
Precious metals analyst Christopher Lewis of FX Empire said that he especially noted the thresholds of 4.30% and 4.35% of US 10-year government bond yields. If these levels are exceeded, the precious metals market may face strong selling pressure, in which silver is considered a more sensitive asset than gold.
Technically, he believes that the current silver price movement shows the risk of forming a negative pattern, which may trigger short-term sell-offs. However, the possibility of a sudden deep decline is not overestimated.
In the opposite direction, if bond yields cool down, the market may record a recovery momentum, with the nearest target around the 75 USD/ounce threshold. However, the current trend is still assessed as less positive as technical signals have not shown a clear improvement" - Christopher Lewis said.
In the context of a volatile market, Christopher Lewis believes that silver is still in an accumulation phase but contains many risks. Compared to silver, gold is considered a safer option in scenarios related to economic and geopolitical instability.
Investors should maintain caution, limit the increase in risk ratio in the short term, especially when the market is still strongly affected by global interest rate fluctuations" - Christopher Lewis gave his opinion.
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