Domestic silver prices
As of 9:30 am on March 4, 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 3.270 - 3.372 million VND/tael (buying - selling); down 192,000 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 3,180 - 3,278 million VND/tael (buying - selling); down 176,000 VND/tael on the buying side and down 182,000 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 84.799 - 87.413 million VND/kg (buying - selling); down 4.694 million VND/kg on the buying side and down 4.853 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:43 AM on March 4 (Vietnam time), the world silver price was listed at 84.8 USD/ounce; down 4.85 USD compared to yesterday morning.
Causes and forecasts
Spot silver prices continued to fall sharply in the trading session on Wednesday. According to precious metals analyst James Hyerczyk of FX Empire, this development shows that the market is being affected simultaneously by both technical and macroeconomic factors.
Basically, silver prices are under pressure from three main factors: US Treasury bond yields are increasing, the USD is strengthening and gold prices are weakening.
Bond yields rose slightly amid concerns about inflation returning, as crude oil and gasoline prices rose sharply. The market is concerned that inflationary pressure will force the Federal Reserve (Fed) to maintain high interest rates for longer, even considering raising interest rates if geopolitical tensions between the US and Iran persist" - James Hyerczyk said.
The expert believes that the risk of global oil supply is also being noted, especially if a scenario of closing the Strait of Hormuz or destroying oil production facilities in the Middle East occurs. These factors could push oil prices higher, thereby increasing inflationary pressure.
In the context of rising yields and stronger USD, non-performing assets like silver often become less attractive in the eyes of investors," James Hyerczyk emphasized.
According to James Hyerczyk, unlike gold - which is considered a traditional safe haven asset, silver is an industrial metal and particularly sensitive to interest rate fluctuations.
Most of the increase in silver from the beginning of 2025 to now is based on expectations that the Fed will implement some interest rate cuts. However, this expectation is gradually weakening. According to the CME FedWatch tool, the market currently leans towards the possibility that the Fed will keep interest rates unchanged in the March or June meetings" - James Hyerczyk said.
According to him, if the scenario of interest rates remaining at a high level or even increasing occurs, silver may face strong selling pressure in the short term, especially when bond yields and the USD continue to rise.
In summary, silver prices are in a sensitive position. When the support foundation from the expectation of monetary policy easing is shaken, the market may witness stronger fluctuations in the near future. In the scenario that the Fed shifts to a tougher stance than expected, it is possible that silver prices will undergo a deep correction before finding a new balance point" - James Hyerczyk gave his opinion.
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