According to the latest updates from Phu Quy Gold and Gemstone Group, the price of 999 silver is listed at VND 1,454,000/tael (buying) and VND 1,499,000/tael (selling) in Hanoi. Over the past month, silver prices have surged by 5.1% and a substantial 48.7% increase has been witnessed over the year.
Meanwhile, the price of 1kg 999 silver bars stands at VND 38,773,236/bar (buying) and VND 39,973,233/bar (selling), as of 08:43, July 28th.
Globally, silver prices have reached USD 38,244/ounce, which equates to approximately VND 999,000 – 1,004,000/ounce.
Silver prices recently peaked at a 14-year high of USD 39,527/ounce on July 22nd, but have since retreated to test the support level around USD 38/ounce, as progress in global trade negotiations diminishes the demand for safe-haven assets.
Market sentiment has improved following reports that the US and EU have formally reached an agreement, including a base tariff of 15% on EU goods with potential exemptions. Earlier this week, Japan agreed to a similar 15% tariff on exports to the US, a significant reduction from the previous 25% rate threatened by President Donald Trump.
Additionally, Finance Minister Scott Bessent has indicated that the tariff truce with China may be extended before it expires on August 12th, further boosting risk appetite. In terms of monetary policy, the Federal Reserve is expected to maintain interest rates at their next meeting, as officials remain cautious about further cuts amid concerns over the inflationary impact of tariffs.
Christian Magoon, CEO of Amplify ETFs, which manages the SILJ fund investing in small-scale silver mining companies, believes that favorable trade deals for the US could stabilize the manufacturing sector, potentially boosting industrial demand for silver.
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