Phú Quý Group, a leading precious metals and jewelry company in Vietnam, reports that silver prices remain stable today, trading at 1,261,000 VND per tael for buyers and 1,300,000 VND per tael for sellers in Hanoi.
Meanwhile, the price of 1kg silver bars is quoted at 33,626,583 VND per bar for buyers and 34,666,580 VND per bar for sellers, as of 08:53, May 29th.
Globally, silver traded at 33.12 USD per ounce in the latest survey on May 26th, equivalent to 855,000-860,000 VND per ounce.
According to Kitco News, when asked about the outlook for silver prices, which have been rising more slowly than gold due to weak industrial demand, expert Francisco Blanch, head of global commodities and derivatives research at Bank of America, stated that the bank is targeting a silver price of up to $40 per ounce in the coming period.
Blanch considers silver an attractive investment as it possesses both precious and industrial metal qualities. Recently, the “precious metal” factor has driven up silver prices, while weak industrial demand has not contributed significantly. However, he believes this situation will change soon.
In his opinion, the new tariff policies have made the trading environment less favorable, slowing down global manufacturing activity. After a vibrant period from the fourth quarter of last year to the first quarter of this year, the market is now entering a correction phase that could last for one or two quarters. However, he expects a recovery in industrial activity, which will positively impact silver prices.
Notably, silver is widely used in solar panel production, an industry attracting significant investment due to the global energy transition trend. Blanch emphasizes that silver is the best conductor in the world and will play a key role in electrification and clean energy development.
Blanch predicts that as industrial activity stabilizes, silver will have the opportunity to surge in price and solidify its position as one of the most promising long-term investment assets.
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