Domestic silver prices started the trading week from May 11th to 15th with a recovery trend, following the upward momentum of the international market. According to the latest report from Phu Quy Gold, Silver and Gemstone Group, Phu Quy silver ingot prices ended last week around VND 80.98 million/kg for buying and VND 83.49 million/kg for selling, a decrease of approximately 9.1% compared to the previous week. However, at the time of reporting, silver ingot prices had surpassed VND 84 million/kg, indicating a fairly clear recovery in the market.
Global silver prices surged due to a weakening US dollar.
On the international market, silver prices continued their upward trend last week. Spot silver closed at $80.34 per ounce, up 6.61% from the previous week and up 13.48% year-to-date. Meanwhile, COMEX silver for July 2026 delivery reached $80.83 per ounce, up 6.59%; Shanghai silver for June 2026 delivery surged 9.4%, to 19,840 CNY/kg.
According to the analysis report, the upward momentum of silver is supported by optimistic sentiment surrounding expectations of a peace agreement between the US and Iran, along with the weakening trend of the US dollar, thereby boosting demand for the precious metal. Although the US non- farm payrolls report for April was higher than expected, reducing the likelihood of the Federal Reserve (FED) cutting interest rates soon, silver maintained its positive trend thanks to investment demand and the prospect of continued improvement in industrial consumption.
The report also revealed several geopolitical factors strongly impacting market sentiment. Iran warned of a strong response if the West sent warships to the Strait of Hormuz, while US President Donald Trump rejected Iran's latest peace proposal. Simultaneously, the US announced a temporary suspension of Project Freedom, a military operation aimed at assisting ships navigating through Hormuz.
The market is closely monitoring inflation data and silver inventories.
This week, investors are particularly interested in a series of important US economic data, including the April Consumer Price Index (CPI), the Producer Price Index (PPI), and retail sales figures. According to Phu Quy's assessment, the CPI data will be a key indicator for silver prices amidst the sharp rise in oil prices due to US-Iran tensions, raising concerns about a resurgence of inflation.
Additionally, the market is closely monitoring President Donald Trump's planned visit to China from May 13-15, which is expected to bring positive signals to trade relations and global investment sentiment. Currently, silver prices are predicted to continue to fluctuate sharply in response to short-term economic and geopolitical news.
Inventory data also shows a strong shift of physical silver towards the Asian region. Silver inventories at the Shanghai Futures Exchange (SHFE) increased by more than 47 tonnes compared to the previous week, reflecting continued high demand for physical silver in China. Conversely, silver inventories at COMEX decreased by approximately 69 tonnes.
From a technical perspective, the report indicates that COMEX silver futures for July 2026 are currently reacting at the $82.5/ounce level. If they fail to break through this level, the price could correct to the $77-$71.3/ounce range. Conversely, a successful breakout above $82.5/ounce could trigger a new upward move towards $90.5/ounce.
Source: https://congthuong.vn/gia-bac-trong-nuoc-va-the-gioi-deu-tang-456309.html
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