【Vietnam】Silver Price Today, February 2: Sharp Drop to $85.16/oz After a Period of Rapid Rise

Global and domestic silver prices simultaneously recorded a sharp decline during the session on February 2. After a long period of rapid growth, investor profit-taking has led this precious metal into a phase of deep correction, reflecting market caution.
In the Hanoi market, the Phu Quy Gold, Silver, and Precious Stones Group is currently listing a silver price of 3,175,000 VND/oz for buying and 3,273,000 VND/oz for selling. Regarding Phu Quy’s 999 silver bars, the purchase price is 84,666,455 VND/kg and the selling price is 87,279,782 VND/kg.
Silver prices continued to fall today, February 2, after a series of strong increases.

Surveys at other sales points in Hanoi indicate that silver prices remained stable compared to the previous session, hovering around 2,747,000 VND/oz for buying and 2,777,000 VND/oz for selling. In Ho Chi Minh City, a similar trend was observed, with prices at 2,749,000 VND/oz for buying and 2,783,000 VND/oz for selling. Despite a short-term pullback, silver prices in Vietnam remain high compared to the average of recent months.

On the global market, the spot silver price is currently around $85.16 per ounce. At the current exchange rate, this is equivalent to approximately 2.24 to 2.25 million Vietnamese dong per ounce. This situation follows a week of high volatility, with prices repeatedly reaching new highs before falling sharply.
According to analyst Christopher Lewis from FX Empire, the strong growth in the silver price observed so far was largely due to speculation, which drove prices well beyond real physical demand. He stated:

Despite a correction phase, experts believe that the long-term prospects for this precious metal remain undeniably positive. Demand from the industrial sector and long-term investment flows are expected to support silver prices. However, the likelihood of a repeat of the strong and sustained increases seen recently is very low.
In the short term, the silver market is expected to remain highly volatile due to investor caution. Experts advise market participants to closely monitor macroeconomic indicators and US dollar fluctuations in order to make appropriate trading decisions.