Domestic silver price
As of 9:40 a.m. on March 9, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1,221 - 1.259 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to early this morning.
At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1.226 - 1.264 million VND/tael (buy - sell), unchanged in both buying and selling directions compared to early this morning.
World silver price
In the world market, as of 9:41 a.m. on March 9 (Vietnam time), the world silver price listed on Goldprice.org was at 32.47 USD/ounce, unchanged from the previous trading session.
Causes and predictions
According to UBS Bank's forecast, silver prices will continue to increase in 2025, thanks to reduced real US supply and strong global industrial demand. Although the metal still struggles to keep up with gold's rally, the positive outlook remains strong.
UBS targets silver prices to fluctuate between $36-38/ounce by 2025. Although increased supply may create pressure, a decline in mining activities may contribute to strengthening the attractiveness of silver in the market.
However, the silver market could still face certain pressures if supply increases significantly. However, a decline in mining activities may help maintain the attractiveness of silver and continue to support the price of this metal in the coming time.
Tavi Costa - macro strategist, partner of Crescat Capital, commented at the 2025 PDAC Conference in Toronto that silver is facing a strong opportunity to increase prices. Costa believes that the silver market is forming a notable uptrend and could soon return to an all-time high.
"We could see silver increase sharply and close precious at the highest level in many years. If that happens, silver could hit $40 an ounce," Costa predicted.
He also pointed out an important technical signal: the "cup and handle" model - one of the models that signals a price breakthrough in technical analysis.
In addition, silver supply is tightening, while demand is increasing, especially from the industrial and investment sectors. This is an important factor that can push up silver prices in the coming time.
See more news related to silver prices HERE...
