Domestic silver price
As of 9:10 a.m. on March 29, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1,308 - VND1,348 million/tael (buy - sell); down VND2,000/tael for buying and down VND3,000/tael for selling compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1,308 - 1,348 million VND/tael (buy - sell); down 2,000 VND/tael for buying and down 3,000 VND/tael for selling compared to early this morning.
World silver price
On the world market, as of 9:15 a.m. on March 29 (Vietnam time), the world silver price listed on Goldprice.org was at 34.04 USD/ounce.
Causes and predictions
According to FXStreet, silver prices are still at a high level as investors become cautious before February 2 - the time when US President Donald Trump is expected to announce new tariffs.
Investors are concerned that Donald Trump's tariffs could cause an economic recession and increase inflationary pressures in the short term. In that context, safe-haven assets such as silver are becoming more attractive.
However, the USD weakened due to concerns that the new tariffs would negatively affect the US economic outlook. Investors assess the impact of tariffs on US imports, as businesses may have to transfer tax costs to consumers. The USD Index (DXY), which measures the value of the greenback against six major currencies, fell to near 104.00.
Meanwhile, US PCE core inflation data - excluding food and energy - was hotter than expected but not enough to support the USD. Basic annual inflation rose 2.8%, up from the forecast and the previously announced rate of 2.7%. Monthly inflation also rose 0.4%, up from the previous forecast and 0.3%.
Increased inflationary pressures have forced the US Federal Reserve to maintain a tight monetary policy for a longer period of time. Higher Fed interest rates often put at a disadvantage for non-yielding assets such as silver.
See more news related to silver prices HERE...
