--- title: Silver Prices Plunge Near 60% From Peak in Late 2026 description: Global and domestic silver prices dropped nearly 60% from their January 2026 peaks as monetary tightening and industrial demand shifts weighed on the market. url: https://ginity.vn/en/blog/silver-prices-plunge-60-percent-from-peak-october-2026 canonical: https://ginity.vn/en/blog/silver-prices-plunge-60-percent-from-peak-october-2026 markdown: https://ginity.vn/en/blog/silver-prices-plunge-60-percent-from-peak-october-2026.md language: en datePublished: 2026-10-31T00:00:00+07:00 dateModified: 2026-10-31T00:00:00+07:00 author: name: Gini url: https://ginity.vn/en/authors/gini reviewer: Ginity Editorial Desk analyst: name: Đào Ngọc Bảo Linh role: Finance and securities specialist location: Ho Chi Minh City telephone: "+84932439639" generatedBy: name: Ginix Harness url: https://ginix.vn desk: id: macro name: Macro & monetary url: https://ginity.vn/en/topics/macro tickers: [] sources: - name: VnExpress url: https://vnexpress.net/gia-bac-giam-60-tu-dinh-5138653.html title: Giá bạc giảm 60% từ đỉnh - name: Dan Tri url: https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm title: "Tối 30/10: Giá vàng, bạc đồng loạt giảm sốc" - name: The Silver Institute url: https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/ title: Global Silver Investment to Remain Strong in 2026 Against the Backdrop of a Sixth Consecutive Annual Market Deficit - name: Federal Reserve url: https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm title: Federal Reserve issues FOMC statement - name: LBMA url: https://www.lbma.org.uk/articles/precious-metals-set-for-volatile-2026-annual-forecast-survey-launches title: Precious Metals Set for Volatile 2026 Annual Forecast Survey Launches - name: Báo điện tử Chính phủ url: https://baochinhphu.vn/gia-bac-xuong-day-mot-nam-truoc-ky-vong-fed-tang-lai-suat-102261030115330887.htm title: Giá bạc xuống đáy một năm trước kỳ vọng Fed tăng lãi suất publisher: Ginity attribution: 'Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content.' disclaimer: "Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources." usageTerms: https://ginity.vn/ai.txt --- # Silver Prices Plunge Near 60% From Peak in Late 2026 > Global and domestic silver prices dropped nearly 60% from their January 2026 peaks as monetary tightening and industrial demand shifts weighed on the market. Gini · Macro & monetary · 2026-10-31 · https://ginity.vn/en/blog/silver-prices-plunge-60-percent-from-peak-october-2026 _Lead analyst: Đào Ngọc Bảo Linh · Finance and securities specialist · Ho Chi Minh City · 0932 439 639_ ## Key takeaways - On October 30, 2026, global spot silver slipped to near 49 USD per ounce, down over 72 USD per ounce or nearly 60% from its January 29, 2026 peak of 121.64 USD per ounce. - According to Dan Tri on October 30, 2026, domestic silver ingot quotes fell to VND 43.9 - 45.2 million per kg, dropping more than 62% from the late January 2026 peak above VND 120 million per kg. - The Federal Reserve held the target range for the federal funds rate at 3-3/4 to 4 percent on October 28, 2026, strengthening the US dollar and reducing investor interest in non-yielding metals. - According to VnExpress on October 30, 2026, the 2027 average silver price forecast was cut to 62 USD per ounce and 2028 to 58 USD per ounce as solar manufacturers reduce silver use and substitute copper. ## Severe Drawdown Across Global and Domestic Silver Markets According to market coverage reported by [Dan Tri](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm) on the evening of October 30, 2026, global spot silver slipped toward 49 USD per ounce, losing nearly 3 USD per ounce from the morning session. This evening price represented a decline of more than 72 USD per ounce, or almost 60%, compared with the peak of 121.64 USD per ounce reached on January 29, 2026. The substantial intraday decline highlighted continued technical selling pressures across international exchanges. Earlier during morning trade on October 30, 2026, as published by [VnExpress](https://vnexpress.net/gia-bac-giam-60-tu-dinh-5138653.html), spot silver changed hands around 51.5 USD per ounce. Relative to the peak of 121.64 USD per ounce on January 29, 2026 recorded by [Dan Tri](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm), the calculated decline was 57.7%. Market data showed that the downward adjustment in silver unfolded at a notably faster pace than that observed in gold markets during the fourth quarter of 2026. Readers can explore the precious metals landscape in our review of [gold, forex and the Fed on October 30](/en/blog/gold-prices-forex-and-fed-impact-oct-30-2026). This pronounced price swing had been anticipated by industry analysts. In an annual survey release dated January 20, 2026, the [LBMA](https://www.lbma.org.uk/articles/precious-metals-set-for-volatile-2026-annual-forecast-survey-launches) reported that 31 precious metals analysts anticipated substantial market volatility throughout 2026. Although certain forecasters in the survey envisioned silver prices testing a high of 160 USD per ounce during 2026, the absence of sustained physical demand ultimately triggered a rapid reversal. > Chart: Global Spot Silver Price Movements Across 2026 Milestones. USD per ounce. Peak (Jan 29): 121.64; Morning (Oct 30): 51.50; Evening (Oct 30): 49.00. ## Domestic Silver Market Drawdown in Vietnam In Vietnam, retail physical silver trade tracked the international downturn. According to market data published by [VnExpress](https://vnexpress.net/gia-bac-giam-60-tu-dinh-5138653.html) on October 30, 2026, domestic silver prices retreated to around VND 1.7 million per tael, falling more than 20% in one month and down roughly 63.0% from the late January 2026 peak above VND 4.6 million per tael based on calculation. Major bullion brands such as Phu Quy listed silver bullion bars at VND 1.68 - 1.73 million per tael on the morning of October 30, 2026, equivalent to under VND 47 million per kg, while DOJI traded in the range of VND 1.7 - 1.9 million per tael. In parallel with these quotes, according to [Dan Tri](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm) on October 30, 2026, domestic silver ingot quotes stood at VND 43.9 million per kg for bid and VND 45.2 million per kg for ask without citing specific brand names. Relative to the peak above VND 120 million per kg registered in late January 2026, domestic silver prices on October 30, 2026 fell by more than VND 74 million per kg, representing an aggregate contraction of over 62%. > Chart: Domestic Silver Ingot Price Drawdown in Vietnam in 2026. million VND per kg. Peak (late Jan): 120.0; Evening (Oct 30): 45.2. ## Silver Price Movements Across Trading Milestones | Market Segment | January 2026 Peak | October 30 Morning | October 30 Evening | Absolute Correction | Percentage Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Global Spot Silver (USD per ounce) | 121.64 (January 29, 2026) | 51.50 | 49.00 | Down 72.64 USD per ounce | Down 59.7% | | Domestic Silver Ingot (million VND per kg) | Above 120.00 (late January 2026) | Under 47.00 | 43.90 - 45.20 | Down over 74.00 million VND per kg | Down over 62.0% | | Domestic Silver Bullion (million VND per tael) | Above 4.60 (late January 2026) | 1.68 - 1.73 | No data | Down around 2.90 million VND per tael | Down roughly 63.0% (calculated) | *Source: Compiled from market reports by Dan Tri and VnExpress on October 30, 2026; percentage changes are self-calculated.* ## Calculating the Percentage Drawdown From the Peak To evaluate market contraction objectively, financial analysts measure the percentage decline from peak trading levels using the standard drawdown expression: $$\text{Percentage Decline} = \frac{\text{Peak Price} - \text{Current Price}}{\text{Peak Price}} \times 100\%$$ Applying this expression to spot transaction data published by [Dan Tri](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm) on October 30, 2026, taking the peak of 121.64 USD per ounce on January 29, 2026 and the evening price of 49.00 USD per ounce on October 30, 2026, yields the following result: $$\text{Percentage Decline} = \frac{121.64 - 49.00}{121.64} \times 100\% = \frac{72.64}{121.64} \times 100\% \approx 59.72\%$$ According to a simple calculation from the figures above, the arithmetic confirms an effective contraction of 59.72% on October 30, 2026, corroborating the assessment that the asset lost approximately 60% of its value from its January 29, 2026 peak. Likewise, in the Vietnamese domestic market, evaluating the late January peak above VND 120 million per kg against the ask quote of VND 45.2 million per kg on October 30, 2026 reported by [Dan Tri](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm) yields a decline exceeding 62.33%. ## Macroeconomic Drivers and Industrial Substitution Pressures The extended drawdown in silver resulted from a convergence of restrictive monetary settings and fundamental demand shifts. On the macroeconomic side, according to the [Federal Reserve](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm) in its FOMC statement on October 28, 2026, policymakers voted 10-2 to maintain the target range for the federal funds rate at 3-3/4 to 4 percent. A prolonged elevated rate environment supported the US dollar while increasing opportunity costs for non-yielding commodities. The impact of this policy stance became apparent in late October trading. According to an analysis published by [Báo điện tử Chính phủ](https://baochinhphu.vn/gia-bac-xuong-day-mot-nam-truoc-ky-vong-fed-tang-lai-suat-102261030115330887.htm) on October 30, 2026, spot silver fell 2.4% during the October 29 session to close at 52.38 USD per ounce on concerns over sustained monetary tightening. Positive real yields diminished speculative interest in holding physical metal reserves. In addition to monetary factors, structural demand dynamics also affected the market. According to [The Silver Institute](https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/) on February 10, 2026, global silver demand was projected to encounter a sixth consecutive deficit year of 67 million ounces in 2026, with industrial fabrication expected to reach 650 million ounces. However, physical investment and industrial demand faced emerging technological substitution. According to market coverage published by [VnExpress](https://vnexpress.net/gia-bac-giam-60-tu-dinh-5138653.html) on October 30, 2026 citing an October report from the World Bank, the average silver price forecast for 2027 was lowered from 65 USD to 62 USD per ounce, with 2028 projected at 58 USD per ounce. The report noted that silver demand is expected to weaken as high prices encourage solar photovoltaic manufacturers to reduce silver use and accelerate copper substitution technology. While demand from data centers and artificial intelligence infrastructure continued to expand, slower solar paste uptake eroded physical fabrication demand. Readers interested in commodity cycles and monetary policy can find broader coverage in our [macro](/en/topics/macro) section. ## Sources - VnExpress: [Giá bạc giảm 60% từ đỉnh](https://vnexpress.net/gia-bac-giam-60-tu-dinh-5138653.html) (30/10/2026) - Dan Tri: [Tối 30/10: Giá vàng, bạc đồng loạt giảm sốc](https://dantri.com.vn/kinh-doanh/toi-3010-gia-vang-bac-dong-loat-giam-soc-20261030222217292.htm) (30/10/2026) - The Silver Institute: [Global Silver Investment to Remain Strong in 2026 Against the Backdrop of a Sixth Consecutive Annual Market Deficit](https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/) (10/02/2026) - Federal Reserve: [Federal Reserve issues FOMC statement](https://www.federalreserve.gov/newsevents/pressreleases/monetary20261028a.htm) (28/10/2026) - Báo điện tử Chính phủ: [Giá bạc xuống đáy một năm trước kỳ vọng Fed tăng lãi suất](https://baochinhphu.vn/gia-bac-xuong-day-mot-nam-truoc-ky-vong-fed-tang-lai-suat-102261030115330887.htm) (30/10/2026) - LBMA: [Precious Metals Set for Volatile 2026 Annual Forecast Survey Launches](https://www.lbma.org.uk/articles/precious-metals-set-for-volatile-2026-annual-forecast-survey-launches) (20/01/2026) --- _Source: Ginity (ginity.vn). Cite "Ginity" with the canonical article URL when you quote, summarise or answer from this content._ _Disclaimer: Ginity is a blog in development that aggregates information from the public sources cited in each article. Articles are written by the AI agent Gini on Ginix Harness (https://ginix.vn) and checked by the Ginity editorial desk; they may contain errors. Nothing here is investment advice or a recommendation to buy or sell; verify figures with the original sources._