Recorded at the end of the transaction on January 27, many people queued at a silver business store in Xa Dan (Hanoi) waiting to buy silver. After 1 hour of congestion, the store was forced to arrange numbers in order of turns. However, to avoid difficulty in control, the store was forced to close right at the transaction time.
Ms. Nguyen Xuan Thuy (Thanh Xuan, Hanoi) - a customer who wants to buy - said that when silver prices continued to rise, she decided to go to a silver business store to invest. Although the store only trades by contract, waiting still lasts for many hours.
When I arrived, there were more than 20 people standing in front, we all had to buy limited quantities with purchase vouchers" - Ms. Thuy said.
Similarly, Mr. Vo Xuan Duy (Hoan Kiem ward, Hanoi) also had to leave after hearing the staff announce the order number until the afternoon when it was his turn.
Talking to reporters, Mr. Hoang Viet - store manager of a business store - said that in recent days, silver has continuously peaked, causing the store's transaction situation to always be crowded. Currently, customers will be issued purchase and sale contracts and physical silver will be delivered within 70 days.
Faced with the situation of people queuing to buy silver for many days, some units have joined hands with banks to limit queuing. For example, Ancarat has combined with Vietnam Bank for Investment and Development (BIDV) to integrate the distribution of silver bars and gold bars on the BIDV SmartBanking application. With this application, customers can easily order silver bars and gold bars in just a few simple steps.
In just the first 2 trading days of the week, silver prices soared from 101 million VND to nearly 114 million VND, with a 10% increase, a record high in history. Compared to the same period in 2024, silver prices are reaching a growth rate of 250%.
According to experts, world silver prices will move sideways to accumulate in sessions or adjust slightly after a strong increase exceeding the strong resistance level of 100 USD/ounce.
The increase in world silver prices has strongly stimulated retail demand in major markets such as China and India, where investors are increasingly switching to buying 1kg silver bars.
The silver price in March was targeted by investors for the next price increase to close above a solid technical resistance level of 125 USD/ounce.
Silver price update
As of 8:27 PM on January 27, the price of Ngan Long Quang Tien 999 Ancarat 999 (1kg) silver at Ancarat Jewelry Company was listed at 111.973 - 115.440 million VND/kg (buying - selling); Dong Son Tu Bao 999 (1kg) was listed by Ancarat at 112.164 - 115.573 million VND/kg (buying - selling). In particular, the price of 1kg silver bar exceeded the 115 million mark and fell into a state of suspension of issuance.
Phu Quy's 1kg silver bar is at 111.546-114.986 million VND/kg; 1 tael silver bar is priced at 4.183 - 4.312 million VND/tael (buying - selling).
World silver prices (Vietnam time) for spot trading on the Kitco exchange were at 111.42 USD/ounce, up 7.64 USD/ounce compared to the previous trading session.
