Editor’s Note
Silver prices have surged to record highs, drawing significant speculative interest as investors seek stability amid volatile markets. This article examines the factors driving this rally and its implications for the broader commodity landscape.
On January 28, silver prices, both domestically and internationally, recorded a strong upward trend, maintaining historically high levels. This market momentum is attracting significant speculative flows, driving the value of silver bars and ingots to new peaks, despite unpredictable fluctuations in other asset classes.
In the Hanoi market, the Phu Quy Gold, Silver, and Precious Stones Group listed a silver price of 4,183,000 VND/ounce for buying and 4,312,000 VND/ounce for selling. Notably, Phu Quy’s 999 silver bars recorded a buying price of 111,546,388 VND/kg and a selling price that could reach 114,986,379 VND/kg, representing a significant increase compared to previous sessions.
In other Hanoi markets, the silver price fluctuates around 3,562,000 VND/ounce (buying price) and 3,592,000 VND/ounce (selling price). Meanwhile, in Ho Chi Minh City, a clear upward trend is also observed, with the buying price reaching about 3,564,000 VND/ounce and the selling price 3,597,000 VND/ounce.
On the global market, the silver price increased by $1.54 compared to the morning of January 27, currently standing at $109.24 per ounce. During the session, it briefly broke through the $110 per ounce barrier, a significant psychological threshold that indicates a clear upward trend.
At the current exchange rate, the global silver price is about 2,916,000 VND/ounce for buying and about 2,921,000 VND/ounce for selling. This rapid price increase over a short period is generating keen interest among international investors.
Despite the current upward trend, analysts are beginning to warn of a correction risk. Christopher Lewis, a precious metals analyst at FX Empire, points out that the current rally is largely fueled by Fear Of Missing Out (FOMO).