Domestic silver prices
As of 9:25 am on March 24, 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 2.613 - 2.709 million VND/tael (buying - selling); an increase of 12,000 VND/tael on the buying side and an increase of 9,000 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 2.527 - 2.605 million VND/tael (buying - selling); an increase of 78,000 VND/tael on the buying side and an increase of 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 67.386 - 69.466 million VND/kg (buying - selling); an increase of 1.98 million VND/kg on the buying side and an increase of 2.133 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:30 am on March 24 (Vietnam time), the world silver price was listed at 67.42 USD/ounce; an increase of 2.4 USD compared to yesterday morning.
Causes and forecasts
Opening the new trading week, the silver market recorded volatile developments in the context that investors are still assessing the impact of geopolitical tensions and global inflationary pressure.
In yesterday's morning session (Monday), silver prices plummeted sharply from the first hours of trading. However, the decline quickly reversed when some positive signals related to the Middle East situation appeared. US President Donald Trump said that there were "effective and positive" negotiations between the US and Iran last weekend.
According to precious metals analyst Christopher Lewis of FX Empire, conflicting information makes market sentiment more sensitive, leading to fluctuations in silver prices heavily dependent on news flows.
Besides, the yield of 10-year US government bonds remains high, continuing to put pressure on precious metals. As yields increase, investors tend to switch to holding profitable assets, instead of silver - which does not bring cash flow and also incurs storage costs" - Christopher Lewis said.
The expert believes that the market is still heavily influenced by emotional factors, making the prospect of sustainable price increase less certain.
In fact, the previous upward trend of silver has weakened significantly after a period of deep decline in recent months, after the metal once had a strong breakthrough. Correction is not surprising, because the market is unlikely to maintain its upward momentum in a straight line for a long time" - Christopher Lewis said.
In the short term, silver prices may experience a slight recovery. However, Christopher Lewis believes that conquering high price levels - especially around the 80 USD/ounce range - will be a major challenge if there are no strong enough supporting factors from the macroeconomy and geopolitics.
See more news related to silver prices HERE...
