On February 5, the domestic precious metals market witnessed unprecedented fluctuations, especially gold and silver prices both increased sharply near the God of Wealth's day.
Great demand
At the end of today's trading session, the price of SJC gold bars at major systems such as SJC Gold and Gemstone Group, DOJI, Phu Quy, Bao Tin Minh Chau and PNJ were all listed at VND88 million/tael for buying and VND91 million/tael for selling. The price reached the peak in the domestic gold market since the beginning of the year, creating great attraction for investors as well as people who want to buy gold for luck on the occasion of God of Wealth.
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| Domestic gold prices hit a peak before the God of Wealth's day. Photo: Minh Trang |
Not only gold bar prices, but also gold ring prices have recorded notable adjustments. SJC gold rings are currently trading around VND88 - 90.5 million/tael, down slightly from the previous session. At Phu Quy, the price of round gold rings ranges from VND88.1 million/tael (buy) to VND90.5 million/tael (sell), while DOJI listed gold rings at VND88.2 - 90.1 million/tael.
In the context of gold bar and gold ring prices reaching new peaks, silver prices have also made strong leaps. Over the past month, silver bar prices have increased by 9.4%, even exceeding the growth rate of gold. This shows that silver is becoming the new focus in the precious metals market.
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| Silver prices fluctuate strongly following domestic gold prices. Photo: Phu Quy Group |
In Hanoi, 99.9 silver is listed at VND976,000/tael for buying and VND1,010,000/tael for selling. Ho Chi Minh City recorded a slightly higher price of VND978,000 - VND1,016,000/tael for both buying and selling.
Notably, Phu Quy recorded a record increase, with silver bars and 999 silver ingots adjusted to VND1,208,000/tael for buying and VND1,245,000/tael for selling. Silver ingots of 1kg are currently priced at VND32.21 million/kg for buying and VND33.2 million/kg for selling.
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| Silver price at Phu Quy Group recorded a record increase. Photo: Phu Quy Group |
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Bach Ngan Dai Cat 1 Luong silver bar product with the Snake symbol carries a message of good luck in the new year. Photo: Phu Quy Group |
Inspired by the mascot of the year of At Ty 2025, Phu Quy Group launched the silver bar product "Bach Ngan Dai Cat" with the symbol of a snake - an animal associated with luck, good fortune and a favorable start in the new year.
"Bach Ngan Dai Cat" is exquisitely designed with the image of a soft, winding snake carrying lucky coins, symbolizing abundant wealth. In particular, the fish scale detail on the snake's body reminds us of the legend of "Carp transforming into a dragon", a symbol of advancement, perseverance and complete success.
Slight increase in world market
In the world market, the spot silver price also recorded a slight increase, reaching 31.57 USD/ounce, up from 31.13 USD/ounce previously. Converted at the current exchange rate, the world silver price fluctuates at 794,000 VND/ounce (buy) and 799,000 VND/ounce (sell).
Experts and major investors believe that silver has the potential to surpass gold in 2025 thanks to its dual role: being a safe haven investment channel and meeting industrial needs, especially in the context of the global acceleration of the green energy transition and electrification. The Silver Institute (USA) predicts that silver will benefit greatly from the commodity supercycle, as demand for metals for clean energy technologies such as electric vehicles and solar panels continues to increase strongly.
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| Will silver prices fluctuate dramatically in 2025? Photo: Phu Quy Group |
However, silver still faces more risks than gold due to its greater price volatility, according to BMO Capital Markets. Silver is forecast to average $29 an ounce next year, up 6% from its previous forecast, with the main support coming from rising gold prices.
With the strong fluctuations in the precious metal market during the God of Wealth festival, gold and silver prices have become the focus of attention for investors and people. While gold prices reached a historical peak, silver prices were no less exciting with impressive jumps.
| 2025 promises to be a boom year for the silver market, as the metal is both sought after as a safe haven asset and an essential component of modern industry. |
Source: https://congthuong.vn/gia-vang-lap-dinh-gia-bac-cung-nhay-mua-khong-ngung-372438.html
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