According to data from Phu Quy Jewelry Corporation, silver prices surged today, with 999 silver (1 tael) listed at VND 1,778,000 (buy) and VND 1,833,000 (sell). Over the past week, buyers have gained 7.3%, and a remarkable 61.6% over the past year.
Meanwhile, 999 silver bars (1 kg) also saw a significant increase, priced at VND 47,413,215 (buy) and VND 48,879,878 (sell), as of 08:18 on September 29.
Globally, silver prices continued their upward trend, reaching $46.49 per ounce.
Silver has surpassed the $46 per ounce mark, hitting a 14-year high, driven by expectations of lower real interest rates and physical commodity shortages. The latest PCE report indicates stable inflationary pressures, reinforcing the view that the Fed has room to cut rates further this year. Simultaneously, the market is pricing in another move in the coming months, reducing carrying costs for non-yielding assets and boosting demand for precious metals.
Industrial consumption remains robust, with solar-powered electric vehicles and electronic device manufacturing pushing total industrial usage above 700 Moz and still rising. Supply cannot keep pace, as most silver is produced as a byproduct of copper, lead, and zinc mining, resulting in only a slight output increase to approximately 844 Moz in 2025, insufficient to eliminate the significant structural deficit. The Silver Institute forecasts a fifth consecutive annual shortfall in 2025, with demand exceeding supply by over 100 Moz and declining inventories.
Silver is taking center stage with its strong breakout. According to analyst James Hyerczyk, both gold and silver benefit from expectations of further Federal Reserve rate cuts, but silver currently exhibits a more pronounced upward momentum.
“This is not an anomalous silver surge but the culmination of a prolonged accumulation process since early summer,” he emphasized.
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Following the U.S. Federal Reserve’s interest rate cut, gold and silver prices surged. Gold has hovered around $3,700 per ounce over the past week, marking a nearly 40% increase since the start of the year. Silver broke past $43 per ounce, achieving its highest gain on record. Phú Quý-branded 999 fine silver bars soared to 45.4 million VND per kilogram.
