Silver prices rose sharply today, January 6th, reaching 2,939,000 VND per tael.
Domestic and international silver prices recovered strongly on January 6th. In Vietnam, the highest selling price reached 2.939 million VND, while the global price reached 75.3 USD.
Domestic and international silver prices surged sharply on January 6th, following a correction at the end of last week. This positive development indicates that the market is gradually regaining momentum, although experts still advise caution in the short term given the volatility in international financial markets.
Domestic silver price trends today, January 6th.
In the domestic market, silver prices recorded a significant increase in both buying and selling prices in major cities and precious metals trading systems.
| Area/Unit | Buying price (VND/ounce) | Selling price (VND/ounce) |
|---|---|---|
| Hanoi (Popular) | 2,429,000 | 2,459,000 |
| Ho Chi Minh City | 2,431,000 | 2,465,000 |
| Phu Quy Group | 2,851,000 | 2,939,000 |
In Hanoi and Ho Chi Minh City, the increase reflects a more positive investor sentiment after a short correction. Notably, at Phu Quy Gold, Silver and Gemstone Group, the price of silver surged significantly more than the market average.
Global markets recover after margin pressure.
On the international market, the spot price of silver is currently quoted around $75.3 per ounce, up approximately $2.48 from the previous session. This increase follows a volatile week in which the precious metal surged to a record high of $84.03 per ounce before undergoing a sharp correction.
According to analysts, the downward pressure on silver prices last week mainly stemmed from the Chicago Mercantile Exchange (CME) decision. The exchange unexpectedly raised margin requirements twice within a single week, forcing many investors to close positions or adjust their strategies, thereby slowing down the recent surge in silver prices.
Expert opinion
Precious metals analyst James Hyerczyk from FX Empire commented that CME's move to increase margin requirements is evidence that the silver market has become "overheated." This measure not only controls systemic risk but also reduces short-term speculative sentiment.
Mr. Hyerczyk believes that for a sustainable return to an upward trend, the market needs more time to stabilize. Volatility needs to decrease as the pressure from chasing prices (FOMO) from investors subsides. He predicts that silver prices may correct to more attractive support levels, around $60.25 – $64.79 per ounce, before establishing a new, clearer, and more stable upward trend.
