Silver bar prices drop over 15% in a day

Brands continuously adjusted silver bar prices, retreating to 3,8 million VND per tael by late afternoon, 700,000 VND lower than yesterday.

After establishing a new record on 29/1, global and domestic silver bar prices sharply reversed their trend, mirroring gold price movements. By 5 PM on 30/1, Cong ty co phan dau tu Vang Phu Quy listed silver bar and ingot prices at 3,68 - 3,79 million VND per tael, a 16% decrease compared to late yesterday. Calculated by kilogram, Phu Quy silver bars traded at 98,1 - 101 million VND per kg, a drop of over 20 million VND per kg from the 123 million VND record set yesterday.

Concurrently, Cong ty co phan kim loai quy Ancarat listed prices at 3,69 - 3,8 million VND per tael, equivalent to 98,3 - 101,4 million VND per kg. Currently, silver bar prices show a significant difference among major brands. At Cong ty Sacombank - SBJ, silver bars are still listed above 4 million VND per tael. Specifically, the current buying price is 4 million VND, while the selling price is 4,16 million VND, equivalent to 107,9 - 111 million VND per kg.

On the international market, silver prices also fell below the 100 USD mark. At 5 PM Hanoi time, each ounce of silver traded at 98,7 USD. Consequently, silver prices recorded a 15% daily decrease, significantly higher than gold's 6% fluctuation.

Experts note that silver always exhibits strong volatility, including faster rises and falls compared to gold prices. This is not a suitable option for non-professional short-term traders or those investing with borrowed money.

Currently, major brands do not have immediate stock available for customers. Domestic silver bar buyers from large brands must place a deposit and receive a delivery appointment after three to 6 months. Nguyen Trung Anh, Chairman of Cong ty Co phan Kim loai quy Ancarat, stated that companies are currently in a phase of increasing production capacity. The delayed delivery situation, according to him, is not due to scarcity of supply, but rather because the production capacity of domestic brands cannot keep up with orders.