Domestic silver prices
As of 9:50 am on March 5, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.186 - 3.264 million VND/tael (buying - selling); an increase of 15,000 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 83.990 - 86.540 million VND/kg (buying - selling); an increase of 390,000 VND/kg on the buying side and an increase of 400,000 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 the threshold of 3.261 - 3.363 million VND/tael (buying - selling).
At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 3,189 - 3,288 million VND/tael (buying - selling); an increase of 9,000 VND/tael on the buying side and an increase of 10,000 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 85.039 - 87.679 million VND/kg (buying - selling); an increase of 240,000 VND/kg on the buying side and an increase of 266,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:45 am on March 5 (Vietnam time), the world silver price was listed at 85.09 USD/ounce; an increase of 0.29 USD compared to yesterday morning.
Causes and forecasts
The silver market is making efforts to maintain its upward momentum, but short-term prospects are assessed as quite precarious as price fluctuations may increase. Some recent trading sessions have been less positive, showing that silver is showing signs of being less active than gold - a metal often considered a safe haven asset in times of instability.
Precious metals analyst Christopher Lewis of FX Empire believes that the market may be gradually returning to a "normal" trading state after a previous period of excitement.
Previously, expectations about the demand for silver to serve artificial intelligence (AI) data centers once created an optimistic wave in the market. However, many opinions suggest that this expectation has been somewhat inflated and that "bubble" has cooled down," he said.
In that context, Christopher Lewis said, the question is whether silver prices will move sideways for a while to accumulate before recovering, or will continue to bear deeper downward pressure.
Technically, the expert believes that the 80 USD/ounce level is considered a noteworthy support threshold in the short term. If the price falls below this level, the market may open up a correction to the 70 USD/ounce zone - an important support area that has been tested many times before. In case the 70 USD/ounce mark is broken, the market outlook may become significantly more negative.
In the short term, silver prices may continue to fluctuate strongly with fast and unpredictable trading developments. There is currently no clear signal about the next trend, especially as the global context is being affected by many factors such as geopolitical tensions and conflicts in some regions," said Christopher Lewis.
In such an environment, Christopher Lewis believes that market sentiment towards silver is forecast to remain neutral, even slightly inclined towards negativity in the near future.
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