Domestic silver price
As of 9:40 a.m. on March 31, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1,313 - VND1,354 million/tael (buy - sell); an increase of VND5,000/tael for buying and an increase of VND6,000/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 1,313 - 1,354 million VND/tael (buy - sell); an increase of 5,000 VND/tael for buying and an increase of 6,000 VND/tael for selling compared to early this morning.
World silver price
On the world market, as of 9:45 a.m. on March 31 (Vietnam time), the world silver price listed on Goldprice.org was at 34.26 USD/ounce; up 0.62% compared to yesterday's trading session.
Causes and predictions
According to FXStreet, investors' caution before April 2, when US President Donald Trump was scheduled to announce new tariffs, caused silver prices to increase.
Investors are concerned that Mr. Trump's tariffs could cause an economic recession and increase inflationary pressures in the short term. Therefore, safe assets such as silver become 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.
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 (FED) to maintain a tightening monetary policy for longer. Higher interest rates from the FED often reduce the attractiveness of non-yielding assets such as silver.
Economic data to watch this week:
Tuesday: US ISM manufacturing PMI, JOLTS jobs open
Wednesday: US imposes global import tax, ADP Non-farm Salary Table
Thursday: ISM Service PMI and the number of weekly jobless claims
Friday: US non-farm payroll
See more news related to silver prices HERE...
