Domestic silver prices
As of 12:00 on March 9, the price of silver bars 2024 Ancarat 999 (1 tael) at Ancarat Gem Company was listed at 3.106 - 3.182 million VND/tael (buying - selling); down 64,000 VND/tael on the buying side and down 66,000 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 the threshold of 81.864 - 84.354 million VND/kg (buying - selling); down 1.707 million VND/kg on the buying side and down 1.76 million 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 3,189 - 3.291 million VND/tael (buying - selling); down 60,000 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 3.110 - 3.206 million VND/tael (buying - selling); down 56,000 VND/tael on the buying side and down 58,000 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 82.933 - 85.493 million VND/kg (buying - selling); down 1.493 million VND/kg on the buying side and down 1.546 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 12:45 PM on March 9 (Vietnam time), the world silver price was listed at 84 USD/ounce; down 0.41 USD compared to yesterday morning.
Causes and forecasts
The decline in silver prices takes place in the context that the geopolitical situation in the Middle East is having many complicated developments and potential risks are increasing.
According to market analyst Skerdian Meta of FX Leaders, these geopolitical developments immediately impact the global energy market as oil prices rise sharply.
However, despite geopolitical risk factors often supporting precious metals, silver prices could not maintain their upward momentum. This shows that the market may have fallen into a technically overbought state after the previous strong increase," he said.
Previously, silver prices had increased rapidly to nearly 100 USD/ounce, attracting a large amount of investment capital. The current reversal shows that many investors are taking profits after a period of hot increase. This is also not a rare development in the silver market - a metal with a history of price fluctuations stronger than gold.
If the liquidation of speculative positions continues to take place, Skerdian Meta believes that silver prices may face deeper corrections in the short term before forming a new trend.
In addition, developments in the currency market also put pressure on precious metals. A stronger USD often reduces the attractiveness of USD-denominated goods to international investors," Skerdian Meta said.
In the long term, the expert said that demand for silver is still positively assessed thanks to both industrial and investment demand. However, in the short term, the combination of profit-taking activities, currency fluctuations and high price volatility is putting pressure on the silver market to adjust.
Currently, silver prices are still fluctuating between two opposite pulling forces: one is supporting factors from geopolitical risks, the other is signs that the previous price increase may have been too fast and too strong" - Skerdian Meta gave its opinion.
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