On the morning of June 21st, silver bar prices quoted by Phu Quy Group, a renowned jewelry and gemstone company, stood at 1.39 million VND per tael for buyers and 1.43 million VND per tael for sellers.
Investors who purchased silver on the God of Wealth’s birthday on the 10th of the first lunar month this year have made a profit of over 250,000 VND per tael.
Since the beginning of the month, silver prices have surged by 130,000 VND per tael, equivalent to a more than 9% increase. This surge has brought silver to its highest price in the past year as prominent domestic brands started introducing investment products to the market.
Compared to the same period last year, silver prices have climbed by nearly 400,000 VND per tael, resulting in a profit margin of over 34%.
Online investment forums and groups have witnessed increased discussions and investments in silver. In an interview with Báo Người Lao Động, Mr. Duong Duc Quang, Deputy General Director of Vietnam Commodity Exchange (MXV), attributed the recent geopolitical conflicts in the Middle East as a significant factor influencing the prices of precious metals, including silver.
Over the past week, marked by escalating tensions in the region, silver prices have witnessed two significant spikes. Notably, on June 17th, silver prices surged by nearly 2%, breaching the 37 USD/ounce mark, the highest level in almost 14 years.
According to Mr. Quang, unlike gold, which directly benefits from safe-haven investments during heightened tensions in the Middle East, silver serves both industrial and precious metal purposes, thus sharing these roles.
Looking ahead, MXV representatives anticipate that silver prices will be predominantly influenced by macroeconomic factors. In the long term, there are expectations that silver prices will be supported by the Federal Reserve’s potential monetary policy easing towards the year’s end.
Additionally, industrial demand for silver remains stable, particularly in solar energy production and electronics manufacturing. Negotiations between the US and China, if resulting in a rare earth exchange for technology agreement, could reduce silver’s safe-haven appeal in the short term while bolstering industrial demand, especially if supply chains are normalized.
The Silver Institute recently published the Silver Survey 2025, forecasting a fifth consecutive year of deficit for this precious metal. Meanwhile, industrial demand for silver is projected to remain stable at approximately 677.4 million ounces in 2025.
“Given these circumstances,” the MXV representative predicted, “silver prices could very well reach the 40 USD/ounce mark this year.”
However, amidst the volatile commodity and precious metal markets, he advised investors to closely monitor market movements, diversify their investment portfolios, and carefully consider their investment options.
