Domestic silver prices
As of 10:30 am on February 24, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Bank Gold and Silver Company Limited (Sacombank-SBJ) was listed at 3.450 - 3.552 million VND/tael (buying - selling).
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 3.268 - 3.369 million VND/tael (buying - selling); an increase of 22,000 VND/tael on the buying side and an increase of 23,000 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 87.146 - 89.839 million VND/kg (buying - selling); an increase of 587,000 VND/kg on the buying side and an increase of 613,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:30 am on February 24 (Vietnam time), the world silver price was listed at 87.39 USD/ounce; up 0.43 USD compared to yesterday morning.
Causes and forecasts
The impressive increase in silver prices in the past week is attracting great attention from investors. After successfully consolidating the support zone of 74.63 - 74.99 USD/ounce, silver prices have broken through the short-term resistance level of 83.61 USD/ounce.
According to precious metals analyst James Hyerczyk of FX Empire, the noteworthy point in the past two weeks is that buying power continuously appeared around support zones, showing that investors have begun to see value at the current level. Even, the market still recorded selling pressure at the end of last week - which often reflects cautious sentiment.
James Hyerczyk said that surpassing 83.61 USD/ounce is a positive sign, but more importantly, the market needs to establish a new support zone at this price level before continuing to move towards 92.87 USD/ounce.
Regarding the reasons for promoting the upward momentum and strong fluctuations in the short term, James Hyerczyk believes that geopolitical factors are playing a leading role.
Tensions in the Middle East, especially related to negotiations between the US and Iran, have created risk-taking sentiment in the market. These developments are causing cash flow to flock to safe-haven assets such as silver," he said.
Besides geopolitics, the issue of tariffs is also mentioned as a price supporting factor. However, James Hyerczyk believes that the link between tariffs and silver prices is not really clear. If there is an impact, this factor mainly indirectly affects the monetary policy of the US Federal Reserve (Fed).
In the coming sessions, developments related to the international negotiation process will continue to be an important variable. Technically, the 83.61 USD/ounce mark still plays a key role in confirming whether the current upward momentum is well-founded to expand to higher price zones or not" - James Hyerczyk said.
See more news related to silver prices HERE...
