Gold price hits new peak, silver price also "dances" non-stop

On February 5, the domestic precious metal 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 simultaneously listed at 88 million VND/tael for buying and 91 million VND/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.

Domestic gold prices hit a peak before God of Wealth's day. Photo: Minh Trang

Not only the price of gold bars, the price of gold rings also recorded notable adjustments. SJC gold rings are currently trading around 88 - 90.5 million VND/tael, a slight decrease compared to the previous session. At Phu Quy, the price of round gold rings fluctuates from 88.1 million VND/tael (buy) to 90.5 million VND/tael (sell), while DOJI listed gold rings at 88.2 - 90.1 million VND/tael.

In the context of gold bar and gold ring prices reaching 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 of the precious metal market.

Silver prices fluctuate strongly according to domestic gold prices. Photo: Phu Quy Group

In Hanoi , 99.9 silver is listed at 976,000 VND/tael for buying and 1,010,000 VND/tael for selling. Ho Chi Minh City recorded a slightly higher price of 978,000 - 1,016,000 VND/tael for buying and selling.

Notably, at Phu Quy, a record increase was recorded, with silver bars and 999 silver ingots adjusted to VND1,208,000/tael for buying and VND1,245,000/tael for selling. 1kg silver ingots are currently priced at VND32.21 million for buying and VND33.2 million for selling.

Silver price at Phu Quy Group recorded a record increase. Photo: Phu Quy Group

Bach Ngan Dai Cat 1 Luong silver bar product with the Snake symbol carries a good message and 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, spot silver prices also recorded a slight increase, reaching 31.57 USD/ounce, up from 31.13 USD/ounce previously. Converted at the current exchange rate, world silver prices fluctuate 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 sharply.

Will silver prices fluctuate dramatically in 2025? Photo: Phu Quy Group

However, silver still faces more risks than gold due to its higher 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 the rise in gold prices.

With the strong fluctuations of the precious metal market on the occasion of God of Wealth Day, gold and silver prices have become the focus of attention of investors and people. While gold prices reached a historical peak, silver prices were equally exciting with impressive jumps.

2025 promises to be a boom year for the silver market, as the metal is sought after both as a safe haven asset and as an essential component of modern industry.

Source: https://congthuong.vn/gia-vang-lap-dinh-gia-bac-cung-nhay-mua-khong-ngung-372438.html