Silver prices remain high at Phu Quy Gold and Silver Group
At the Phu Quy Gold and Silver Group, silver prices have decreased but remain relatively high, trading at VND 1,136,000/lượng (buying) and VND 1,171,000/lượng (selling) in Hanoi.
The price of 999 silver bars weighing 1kg has increased compared to last week, now standing at VND 30,293,258/bar (buying) and VND 31,226,589/bar (selling), as of 8:39 am on January 20th.
Global silver prices have decreased
Global silver prices have also declined, with spot prices at $30.55/ounce, equivalent to approximately VND 769,000/ounce (buying) and VND 774,000/ounce (selling).
Silver prices internationally have been supported by weaker core inflation in the US, reinforcing expectations of further interest rate cuts by the Federal Reserve this year. Lower US interest rates could stimulate demand for commodities by boosting economic growth and weakening the dollar.
Silver prices reached a 12-year high of $35/ounce in October 2024 but have since retreated to around $30/ounce due to concerns about uncertain industrial demand. Specifically, excess capacity in China’s solar panel manufacturing industry has raised worries about limited silver demand.
However, many experts believe that silver has growth potential due to its role in crucial industries such as technology and renewable energy. As the US dollar weakens, silver prices may find support and increase in the future.
