Domestic silver prices
As of 10:25 am on March 23, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at the threshold of 2.449 - 2.509 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 64.446 - 66.406 million VND/kg (buying - selling); down 2.694 million VND/kg on the buying side and down 2.774 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 2,601 - 2,700 million VND/tael (buying - selling); down 255,000 VND/tael on the buying side and down 295,000 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 2.449 - 2.525 million VND/tael (buying - selling); down 100,000 VND/tael on the buying side and down 103,000 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 65.306 - 67.333 million VND/kg (buying - selling); down 2.667 million VND/kg on the buying side and down 2.746 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 23 (Vietnam time), the world silver price was listed at 69.63 USD/ounce; down 4.61 USD compared to yesterday morning.
Causes and forecasts
Silver prices are recording a significant decline in the context of escalating global geopolitical tensions, especially after the latest developments between the US and Iran. This development goes against the usual rule, when silver - which is considered a safe haven asset - does not increase in price in an increasingly risky environment.
According to currency and precious metals analyst Muhammad Umair at FX Empire, the main reason comes from changes in macroeconomic factors. The tight monetary policy of the US Federal Reserve (Fed), along with increased inflationary pressure due to sharp oil prices, is changing capital flows and investor sentiment. This rare situation creates underground pressure on silver prices, while placing the market in front of a decisive turning point.
Unlike gold, silver is closely related to industrial production activities. This metal is widely used in the electronics industry, solar energy and many other production processes.
When energy costs increase, Muhammad Umair believes that industrial demand tends to decrease, leading to weakening silver demand.
According to data from the Silver Institute, about 50% of global silver demand comes from the industrial sector - a factor that makes silver prices more sensitive to economic fluctuations.
Muhammad Umair added that the decline in silver also reflects the Fed's "hawkish" stance, in the context that the agency forecasts inflation will continue to rise in the coming months. Increased inflation, largely due to high oil prices, is spreading to many sectors and gradually being reflected in consumer prices.
In a high interest rate environment, bond yields increase, causing speculative cash flow to tend to leave assets such as silver. At the same time, tightened liquidity also reduces the upward momentum of this metal" - Muhammad Umair said.
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