Domestic silver prices
As of 9:03 am on March 28, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 2,621 - 2,685 million VND/tael (buying - selling); an increase of 36,000 VND/tael in both directions compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 69,000 - 71,100 million VND/kg (buying - selling); an increase of 930,000 VND/kg on the buying side and an increase of 960,000 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 2,664 - 2,760 million VND/tael (buying - selling); an increase of 18,000 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 2.621 - 2.702 million VND/tael (buying - selling); an increase of 31,000 VND/tael on the buying side and an increase of 32,000 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 69.893 - 72.053 million VND/kg (buying - selling); an increase of 827,000 VND/kg on the buying side and an increase of 854,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:03 am on March 28 (Vietnam time), the world silver price was listed at 70.4 USD/ounce; an increase of 1.6 USD compared to yesterday morning.
Causes and forecasts
Silver prices continued to record strong fluctuations in the trading session on Saturday, as the market was affected by the high interest rate environment in the US and anxiety overwhelmed investors. In addition, the appreciation of the USD is also creating significant pressure on this precious metal.
According to precious metals analyst Christopher Lewis of FX Empire, although silver prices have recovered, they are still struggling to approach around the 70 USD/ounce mark.
This is considered an important psychological milestone, attracting great attention from traders. If the price can clearly exceed this threshold, the market may open up more positive prospects in the short term" - Christopher Lewis assessed.
However, he believes that the context of high interest rates in the US is still a disadvantage for silver. Usually, silver prices tend to move in the opposite direction to the USD, while the greenback is being supported by high interest rate policies. This makes silver's upward price outlook facing many obstacles.
Christopher Lewis said that current developments show that the market trend is still quite negative.
In the context of uncooled concerns and increasing inflation expectations due to energy supply risks, interest rates in the US may continue to remain high. If this scenario lasts, silver prices are likely to continue to bear downward pressure in the near future" - Christopher Lewis gave his opinion.
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