According to data from Phu Quy Jewelry Corporation, silver prices continued their sharp rise today. One tael of 999 silver is listed at VND 4,439,000 (buy) and VND 4,576,000 (sell). Since the beginning of the year, silver prices have surged by nearly 60%.
Meanwhile, one kilogram of 999 silver bars is priced at VND 118,373,037 (buy) and VND 122,026,362 (sell), updated at 08:43 on January 29th.
Globally, silver prices climbed to $117 per ounce.
Silver prices soared to a new record high, surpassing $117 per ounce on Thursday, extending the year-to-date rally to over 60% as safe-haven demand remained robust amid economic and geopolitical uncertainties.
Investors continued to favor precious metals even after the Federal Reserve held interest rates steady, citing strong growth and persistent inflation while offering little clarity on future rate cuts.
The upward trend persisted despite the U.S. dollar’s recovery, highlighting strong risk-off sentiment amid currency volatility. Risks remain elevated, from Middle East tensions to global trade friction, with new protectionist rhetoric ahead of the U.S. election raising concerns about tariffs, supply chain disruptions, and inflationary pressures.
Market sentiment was further influenced by fears of a potential government shutdown, which could delay the release of critical data. Meanwhile, robust industrial demand from renewable energy and electronics continued to tighten supply, bolstering silver’s rally despite the Fed’s cautious stance.
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