Domestic silver prices
As of 9:50 am on March 3, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.372 - 3.455 million VND/tael (buying - selling); down 165,000 VND/tael on the buying side and down 169,000 VND/tael on the selling side compared to yesterday morning.
The price of silver ingots 2025 Ancarat 999 (1kg) at Ancarat Gem Company is listed at 88.934 - 91.634 million VND/kg (buying - selling); down 4.366 million VND/kg on the buying side and down 4.506 million 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 3.462 - 3.564 million VND/tael (buying - selling); down 195,000 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 3.356 - 3.460 million VND/tael (buying - selling); down 175,000 VND/tael on the buying side and down 180,000 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 89.493 - 92.266 million VND/kg (buying - selling); down 4.666 million VND/kg on the buying side and down 4.8 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:50 am on March 3rd (Vietnam time), the world silver price was listed at 89.65 USD/ounce; down 4.83 USD compared to yesterday morning.
Causes and forecasts
Silver prices suddenly plummeted nearly 7% in a volatile trading session, while gold prices jumped nearly 100 USD/ounce, creating a rarely seen opposite trend in the precious metals market.
This divergence occurred in the context of escalating tensions between the United States and Iran, causing global investors to flock to seek safe haven assets. As usual, both gold and silver tend to increase in price as geopolitical risks increase, but this time the market reacted in two completely different directions.
According to The Economic Times, gold has long been considered a top defensive asset during times of crisis, war and financial instability. As the risk of conflict spreading in the Middle East raises concerns about energy security and global economic growth, investors have quickly increased their positions in gold to preserve asset value. This momentum helps gold maintain strong growth despite fluctuations in other markets. Conversely, silver is under strong selling pressure.
The main reason lies in the hybrid properties of silver: in addition to its role as a precious metal, silver is also an important raw material in many industries such as electronics, equipment manufacturing and solar energy" - analysts at The Economic Times said.
More than half of silver demand comes from the industrial sector, so when the market fears war could weaken economic growth and production demand, silver is often more negatively affected than gold. In other words, while gold benefits from defensive sentiment, silver is dominated by the fear of recession.
Besides fundamental factors, the market is also affected by technical factors. When silver prices touched important resistance levels before, many automatic sell orders and profit-taking activities were activated, making the decline even stronger.
This development shows that precious metals do not always agree in the crisis. Gold still plays the role of "hideout" whenever global instability escalates, while silver, due to its large dependence on production and growth prospects, may fluctuate in the opposite direction.
The sharp drop in silver prices while gold prices soar shows a simple thing: although often seen as going together, due to different usage needs, these two metals can fluctuate in opposite directions when the market falls into a sensitive or unstable phase" - analysts at The Economic Times emphasized.
See more news related to silver prices HERE...
