Phú Quý Group reports a significant drop in silver prices today, quoting 1,235,000 VND/tael (buying) and 1,273,000 VND/tael (selling) in Hanoi.
Meanwhile, the price of 1kg 999 silver bars is listed at 32,933,251 VND/bar (buying) and 33,946,582 VND/bar (selling), as of 08:47, May 15th.
As of the survey at 07:53:05, May 15th, the world silver price took a sharp downturn, falling by 20,000 VND/ounce on the buying side and 19,000 VND/ounce on the selling side, fluctuating between 835,000 and 841,000 VND/ounce, equivalent to approximately 32.41 USD/ounce. This price is a slight dip of 0.74% from the previous session on May 14th.
According to experts at FX Empire, the primary reason for the broad-based decline in silver prices is the weakening of safe-haven investment sentiment, as money is flowing towards riskier assets such as stocks and cryptocurrencies.
This shift occurs following the joint statement between the US and China, where the world’s two largest economies agreed to temporarily cut most tariffs within 90 days. This positive development eases trade tensions and boosts confidence in the global market.
With the financial market turning more optimistic, silver’s role as a safe-haven asset has somewhat faded. Analysts suggest that if trade relations between the US and China continue to improve, silver prices will likely face mild downward pressure or remain range-bound in the short term.
However, James Hyerczyk, an analyst at FX Empire, believes that in the long run, silver has more upside potential, especially with the expansion of industrial sectors such as solar energy production, electric vehicles, and electronics, all of which increase the demand for this precious metal.
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