Silver prices took an unexpected downturn on October 18, 2026, reversing a previous upward trend as investors reassessed US interest rate expectations and financial market developments. In Hanoi, the buying price dropped to 1,989,000 VND per ounce at Phu Quy Gold, Silver and Gemstone Group, while the selling price stood at 2,051,000 VND per ounce. Other trading locations in Hanoi listed silver at 1,751,000 VND per ounce for buying and 1,819,000 VND per ounce for selling. In Ho Chi Minh City, prices were slightly higher at 1,755,000 VND per ounce for buying and 1,822,000 VND per ounce for selling. Globally, silver traded at 1,476,000 VND per ounce for buying and 1,481,000 VND per ounce for selling, equivalent to $56.84 per ounce, down $0.39 from the previous day.
The decline in silver prices came as investors weighed the outlook for US interest rates, with recent economic data suggesting the Federal Reserve may keep rates unchanged in October but raise them in December. The CME FedWatch tool indicated a 72% probability of unchanged rates this month and a 92% chance of a hike in December. Higher interest rates could pressure silver prices further, as the metal lacks a fixed yield. However, geopolitical instability in the Middle East continues to fuel demand for safe-haven assets, potentially providing some support to silver prices.
The shift in silver prices reflects broader market volatility, with selling pressure on stocks previously driving capital toward safe-haven assets like silver. While the Fed's monetary policy and the strength of the US dollar remain key factors, economic and geopolitical uncertainties could still influence investor sentiment and demand for precious metals in the coming period.