Silver prices surged on January 13th: The global market broke through to $83.41 per ounce.
Domestic and international silver prices surged on January 13th due to geopolitical pressures and expectations of monetary easing, with world prices rising by more than $3.50 per ounce.
Today's silver price (January 13th) recorded impressive growth in both domestic and international markets. This surge was driven by increasing geopolitical instability and expectations that the US Federal Reserve (FED) will soon ease monetary policy.
Domestic silver prices continue their strong upward trend.
In the Vietnamese market, silver prices have seen a significant upward adjustment at major businesses. Specifically, Phu Quy Gold and Gemstone Group is listing silver at 3,156,000 VND/ounce for buying and 3,254,000 VND/ounce for selling in Hanoi.
At other trading points in Hanoi, the price of silver is commonly around 2,722,000 VND/ounce for buying and 2,752,000 VND/ounce for selling. Meanwhile, in Ho Chi Minh City, the price of this precious metal is also trending upwards, currently trading at 2,724,000 VND/ounce for buying and 2,757,000 VND/ounce for selling.
Global markets surged by over $3.50 per ounce.
On the international market, the spot price of silver is currently at $83.41 per ounce, an increase of $3.53 compared to the morning session on January 12th. The corresponding exchange rate is approximately VND 2,219,000 per ounce for buying and VND 2,224,000 per ounce for selling.
According to Gary Wagner, a market analyst at Kitco, the main driver supporting precious metals comes from safe-haven demand from investors. Escalating geopolitical tensions in the Americas and expectations of a shift in the Fed's policy stance have provided significant impetus for silver prices.
Technical analysis and market outlook
Despite experiencing selling pressure in the middle of last week following the release of positive manufacturing data, silver maintained its superior growth performance. Gary Wagner noted that silver's movements often mirror those of gold, but with a larger range of volatility due to its smaller market size.
Notably, the gold-silver ratio has fallen to 56.43, marking its lowest level since January 2013. This indicator suggests that silver is gradually narrowing the growth gap with gold and attracting stronger investment flows. The expert also believes that silver still has more room for price appreciation than gold in the next phase of the market cycle.
