Silver price today May 8: Domestic and world silver prices drop sharply
Silver price today May 8, 2025: Domestic and world silver prices fell sharply after news that the US and China will hold trade dialogue this week.
Silver price today May 8, 2025 at Phu Quy Gold and Gemstone Group, Phu Quy silver price decreased sharply by 0.3%, listed at 1,254,000 VND/tael (buy) and 1,293,000 VND/tael (sell).
In addition, according to a survey at other trading locations in Hanoi, domestic silver prices have dropped sharply in both buying and selling directions, currently listed at VND 1,038,000/tael (buy) and VND 1,068,000/tael (sell). Compared to yesterday, silver prices in Hanoi decreased by VND 19,000/tael for buying - decreased by VND 18,000/tael for selling.
In Ho Chi Minh City, silver prices also showed a sharp downward trend, currently at 1,040,000 VND/tael (buy) and 1,074,000 VND/tael (sell). Compared to yesterday, silver prices in Ho Chi Minh City decreased by 18,000 VND/tael in both buying and selling directions.
Specifically, the latest information on silver prices today in the two largest markets of Hanoi and Ho Chi Minh City on May 8, 2025:
| Silver type | Unit | Hanoi | Ho Chi Minh City | ||
| Buy | Sell | Buy | Sell | ||
| Silver 99.9 | 1 amount | 1,038,000 | 1,068,000 | 1,040,000 | 1,074,000 |
| 1 kg | 27,688,000 | 28,486,000 | 27,740,000 | 28,637,000 | |
| Silver 99.99 | 1 amount | 1,046,000 | 1,076,000 | 1,048,000 | 1,078,000 |
| 1 kg | 27,894,000 | 28,698,000 | 27,936,000 | 28,749,000 | |
Update the latest silver price list at Phu Quy Gold and Gemstone GroupMay 8, 2025:
| Silver type | Unit | VND | |
| Buy | Sell | ||
| Silver bars, Phu Quy 999 silver bars | 1 amount | 1,254,000 | 1,293,000 |
| Phu Quy 999 Silver Bar | 1 kg | 33,439,916 | 34,479,914 |
Latest update on world silver prices on May 8, 2025:
On the world market, the silver price listed on Goldprice.org is at 32.6 USD/ounce.
Silver Price Forecast
Silver prices (XAG/USD) fell during the Asian session on Wednesday, hovering around $33.00 an ounce after two consecutive sessions of gains.
The correction came as demand for safe-haven assets weakened following news that the US and China will hold trade talks this week, raising hopes of a possible easing of tensions between the world's two largest economies.
The meeting is scheduled to take place in Geneva, with the participation of US Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and Chinese Vice Premier He Lifeng.
This is the first high-level dialogue since the US imposed tariffs that sparked a global trade war. China has confirmed it will participate and is reviewing the US proposals, taking into account global sentiment and domestic economic interests.
In addition, a stronger US dollar also puts pressure on silver prices, because when the greenback increases in value, silver, which is priced in US dollars, becomes more expensive for investors holding other currencies.
Market sentiment is now more cautious as investors await the interest rate decision from the US Federal Reserve (Fed) later in the North American trading session.
Silver prices were earlier supported by a positive market reaction to comments from President Donald Trump, who, while ruling out a meeting with Chinese President Xi Jinping this week, suggested he could reduce the 145% tariff on Chinese goods.
However, his other statements, such as imposing a 100% tax on foreign films and the possibility of taxing pharmaceuticals, have worried the market, adding to the volatility.
The Fed is expected to keep interest rates unchanged, but investors are closely watching Chairman Jerome Powell's speech for more clues on policy direction amid ongoing trade tensions and pressure from President Trump to cut interest rates.
