Silver prices reversed course and surged on March 21st, reaching 2.797 million VND per tael.
The silver market recorded an impressive recovery after eight consecutive days of decline. World silver prices rose to $74.33 per ounce, leading to an upward trend in the domestic market.
After eight consecutive days of price declines, the domestic and international silver markets reversed course and surged on March 21st. This development not only relieved psychological pressure on investors but also signaled a new growth cycle for this precious metal.
Domestic silver prices recover across the board.
According to reports from the Hanoi market, Phu Quy Gold, Silver and Gemstone Group currently lists the price of silver at 2,731,000 VND/ounce (buying price) and 2,797,000 VND/ounce (selling price). At other trading systems, the price of 99.9% pure silver is commonly between 2,295,000 and 2,325,000 VND/ounce; 99.99% pure silver fluctuates around 2,303,000 to 2,333,000 VND/ounce.
In the Ho Chi Minh City market, prices are slightly higher than in the North. Specifically:
| Silver type | Area | Buying price (VND/ounce) | Selling price (VND/ounce) |
|---|---|---|---|
| 99.9% Silver | Ho Chi Minh City | 2,297,000 | 2,331,000 |
| 99.99% Silver | Ho Chi Minh City | 2,305,000 | 2,335,000 |
| 99.9% Silver | Hanoi | 2,295,000 | 2,325,000 |
| 99.99% Silver | Hanoi | 2,303,000 | 2,333,000 |
For transactions per kilogram, the price of silver in both major cities currently ranges from 61.2 to 62.2 million VND/kg, depending on the type and quality.
International markets and long-term forecasts
On the international market, the spot price of silver recorded an increase of $1.52/ounce, reaching $74.33/ounce. This price is equivalent to approximately 2.29 million VND/ounce. Analysts believe this increase is mainly due to short-term leverage release activities after a period of deep correction.
Notably, Philippe Gijsels, Director of Strategy at BNP Paribas Fortis, believes that precious metals are entering the early stages of a long-term growth cycle. According to him, inflationary pressures and public debt in major economies such as the US, Europe, and Japan will weaken the value of fiat currencies, thereby driving capital flows into safe-haven assets.
This expert even predicted that the price of silver could reach $200 per ounce in the next few years. In the short term, if the current upward momentum is maintained in the following sessions, the silver market could well establish a larger growth spurt, attracting the return of global investors.
