Domestic silver prices
As of 9:50 am on March 7, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.170 - 3.248 million VND/tael (buying - selling); an increase of 36,000 VND/tael on the buying side and an increase of 37,000 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 83.574 - 86.114 million VND/kg (buying - selling); an increase of 958,000 VND/kg on the buying side and an increase of 988,000 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 3.249 - 3.351 million VND/tael (buying - selling); an increase of 15,000 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 3.166 - 3.264 million VND/tael (buying - selling); an increase of 30,000 VND/tael on the buying side and an increase of 31,000 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 84.426 - 87.09 million VND/kg (buying - selling); an increase of 800,000 VND/kg on the buying side and an increase of 826,000 VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 9:45 am on March 7 (Vietnam time), the world silver price was listed at 84.41 USD/ounce; up 0.76 USD compared to yesterday morning.
Causes and forecasts
World silver prices rose slightly in the last trading session of the week, but still fluctuated in a narrow range as investors appeared cautious in the face of mixed signals from the US economy.
Precious metals analyst James Hyerczyk of FX Empire said that oil prices exceeding the 90 USD/barrel mark raised concerns about inflation returning, while unexpectedly weak job data made the market more unstable and raised many questions about the possibility of the US Federal Reserve (Fed) cutting interest rates in the near future.
In recent trading sessions, silver prices have mainly remained flat after a sharp drop on Tuesday due to a sharp increase in US Treasury bond yields. The lack of clarity about monetary policy prospects is causing many large investors to temporarily stay out of the market," he said.
He emphasized that oil prices have exceeded 90 USD/barrel, the highest level in nearly two years, due to supply disruptions and geopolitical tensions in the Middle East. This factor is putting pressure on the market.
Previously this week, concerns about global instability caused many investors to buy gold and silver as safe haven assets. However, some traders believe that this cash flow could reverse if the market assesses high inflation due to oil prices will make it difficult for the Fed to cut interest rates soon" - James Hyerczyk said.
The expert said that many investors have bet that the Fed will cut interest rates at least twice this year - a factor that supported silver prices to rise sharply last year and early this year.
However, if oil prices continue to remain high and inflation still exceeds the 2% target, the possibility of the Fed starting a monetary easing cycle may be delayed. This makes the silver market's outlook more unpredictable.
In that context, traders are expected to continue to be cautious. If concerns about rising inflation while economic indicators weaken, expectations that the Fed will maintain high interest rates for longer may reduce the attractiveness of silver in the short term," James Hyerczyk said.
See more news related to silver prices HERE...
