Domestic silver prices
As of 9:50 am on March 6, the price of Kim Phuc Loc 999 silver bars (1 tael) of Saigon Thuong Tin Commercial Joint Stock Bank (Sacombank-SBJ) listed at the threshold of 3.234 - 3.336 million VND/tael (buying - selling); down 27,000 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 3.136 - 3.233 million VND/tael (buying - selling); down 53,000 VND/tael on the buying side and down 55,000 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 83.626 - 86.213 million VND/kg (buying - selling); down 1.587 million VND/kg on the buying side and down 1.466 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:45 am on March 6 (Vietnam time), the world silver price was listed at 83.65 USD/ounce; down 1.44 USD compared to yesterday morning.
Causes and forecasts
The silver market fluctuated sharply in the first trading session of Friday, when the price of this precious metal fluctuated around the 80 USD/ounce mark.
According to precious metals analyst Christopher Lewis of FX Empire, 80 USD/ounce is a round price with important psychological significance for investors. In the past, this level has played a supporting role many times but has also been broken, causing the market to continuously struggle between buying and selling forces.
Regarding short-term prospects, the expert said that if silver prices recover from the current zone, the 90 USD/ounce mark may become the next target for buyers. Conversely, if prices fall to the bottom set in Tuesday's trading session, the market may face the risk of falling back to the 70 USD/ounce zone.
Another factor that makes the silver market temporarily calm is the attention of global investors who are focusing more on the crude oil market. In that context, the fact that silver prices maintain a state of fluctuation around important technical levels is considered an understandable development" - Christopher Lewis said.
However, he believes that the silver market is still assessed as having high volatility. Recently, large selling pressure has caused many investors to suffer significant losses.
In the long term, supply and demand factors are still considered to be supporting the upward trend of silver prices. However, in the short term, the market needs more cash flow and decisiveness from investors to create a clear trend" - Christopher Lewis gave his opinion.
See more news related to silver prices HERE...
