Silver prices have broken historical records, surpassing the $71/ounce mark.
Silver prices rose for the third consecutive session due to a weaker dollar and geopolitical risks, while wheat prices also advanced amid concerns about supply from the Black Sea.
Silver sets historical price peak.
According to data from the Vietnam Commodity Exchange (MXV), the precious metals market experienced significant fluctuations during the trading session on December 23rd. Silver prices surpassed the $70/ounce mark for the first time, rising 3.8% to close at a record high.71.1 USD/ounceThis marks the third consecutive day of price increases for this commodity.
The causes stem from macroeconomic and geopolitical factors.
The rise in silver prices was driven by the weakening of the US dollar. The Dollar Index (DXY) fell for the second consecutive session to 97.9 points, increasing the attractiveness of USD-denominated assets. This development stems from expectations that the US Federal Reserve (FED) may ease monetary policy next year as the labor market shows signs of slowing down and inflation is lower than forecast.
Furthermore, geopolitical risks have reinforced defensive sentiment in the market. Escalating tensions between the US and Venezuela, coupled with a hardline stance from President Donald Trump, have increased instability in Latin America, prompting capital flows towards safe-haven assets such as silver.
Supply and demand and investor sentiment
Physical demand for silver remains a key supporting factor for prices. According to LSEG, as of December 23rd, the world's largest silver ETF, iShares Silver Trust, had increased its silver holdings to...530.6 million ounces(over 16,500 tons), up 4.4% from the beginning of December. This raises concerns about tightening supply, especially as the market is projected to enter its fifth consecutive year of deficit.
From the investor perspective, a report from the US Commodity Futures Trading Commission (CFTC) shows that Managed Money maintained a net long position of 21,887 standard silver contracts on the COMEX exchange as of the week ending December 16, reflecting confidence in a medium-term upward trend.
Domestic silver prices
Due to reliance on imported supplies, domestic silver prices also increased by approximately 1% compared to the previous session. On the morning of December 24th, the price of 999 silver in Hanoi was listed at...2,265 - 2,295 million VND/ounce(Buying price - selling price). In Ho Chi Minh City, the price fluctuates between 2,267 and 2,300,000 VND per tael.
Wheat prices rise due to Black Sea tensions.
In the agricultural commodities market, wheat prices also recorded an upward trend. The price of Chicago spring wheat futures for March 2026 on the CBOT exchange rose nearly 0.3%, approaching the benchmark.190 USD/tonAt the same time, the price of eastern Kansas wheat rose nearly 1.3%, to $194 per ton.
Concerns about supply chain disruptions.
According to MXV, tensions in the Black Sea region related to the Russia-Ukraine conflict continue to be the main factor influencing the market. Attacks on infrastructure on both sides are threatening the security of the strategic grain export route, affecting one of the world's largest sources of supply.
Supply forecast from Russia adjusted.
Consulting firm SovEcon has revised its forecast for Russian supply, helping to alleviate concerns about a potential global oversupply. SovEcon predicts that wheat acreage in Russia will continue to decline due to shrinking profit margins. The total wheat acreage is expected to decrease by 600,000 hectares in 2026, to 26.3 million hectares, resulting in a projected yield of less than 84 million tons. This figure is lower than this year's 88.8 million tons and the 90 million tons previously forecast by the Russian government.
