Domestic silver price
As of 8:50 a.m. on March 8, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1.216 - 1.254 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to the closing price of yesterday's trading session.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.216 - 1.254 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to the closing price of yesterday's trading session.
World silver price
On the world market, as of 8:52 a.m. on March 8 (Vietnam time), the world silver price listed on Goldprice.org was at 32.47 USD/ounce.
Causes and predictions
According to Kitco, silver prices fluctuated slightly in the trading session on Friday morning in the US, after an important US economic report was released with lower results than expected. The May silver contract fell $0.293 to $23.045 an ounce.
The February employment report released by the US Department of Labor shows that non-farm payrolls increased by 151,000, lower than the forecast of 170,000 according to a survey by Dow Jones Newswires. Compared to the adjusted figure for January of 125,000, the increase is still higher but not up to expectations. The unemployment rate was 4.1%, higher than the forecast of 4.0% and equivalent to the previous month.
The silver market reacted slightly to this data, but the USD index continued to weaken, and US bond yields also decreased.
Meanwhile, Asian and European stocks mostly fell overnight. However, US stocks are expected to increase slightly when opening a trading session in New York after falling to a multi-month low on Thursday.
"Federation of Federal Reserve Chairman Jerome Powell will speak this afternoon at a currency conference in New York. This could affect market expectations for monetary policy in the coming time," said Kitco senior analyst Jim Wyckoff.
According to the expert, if silver prices continue to increase, the next target is to surpass the 34.56 USD/ounce mark. However, if prices fall, the key support zone will be around 31,00 USD/ounce, which could create a lenient force to help prices recover.
Important milestones to watch:
Resistance zone: Prices may face resistance at 33.38 USD and 34.00 USD, if they overcome it, it will open up opportunities for further increase.
Support zone: If it drops, silver could find a foothold around 32.395 USD and 32.00 USD.
See more news related to silver prices HERE...
