People queue to buy silver at Phu Quy shop in Hanoi on October 17. Photo by Nld.
Global silver prices climbed sharply to new highs, exceeding USD 54 per ounce on October 17, driving strong domestic demand as Vietnamese buyers lined up to purchase silver.
In Vietnam, Phu Quy and Ancarat silver prices rose sharply in line with the global trend. Phu Quy silver bars (999 fine) were quoted at VND 2.073 million per tael for buying and VND 2.137 million for selling, or VND 55.279 million (approximately USD 2,175) per kilogram for buying and VND 56.986 million (approximately USD 2,243) for selling, up 1.7 per cent from the previous day’s opening.
Meanwhile, Ancarat silver prices also increased significantly, reaching VND 54.37 million (approximately USD 2,138) per kilogram for buying and VND 55.874 million (approximately USD 2,197) for selling.
At Phu Quy Jewellery’s Hanoi outlets on October 17, residents began queuing as early as 6 am to buy silver. Within 30 minutes of opening, stores announced they had sold out and temporarily suspended new orders for the day.
Nguyen Hoang Viet, branch director of Ancarat on Xa Dan Street, said customers began lining up an hour before the store opened at 8 am to collect queue numbers, which were quickly distributed within minutes.
Nguyen Khanh Long, a precious metals market analyst at Phu Quy, said both gold and silver prices have repeatedly hit record highs, with silver surpassing its all-time peak after more than 14 years.
“Silver’s growth this year has been extraordinary, rising more than 87 per cent compared to early 2025. Though it started slower than gold, its second and third quarter performance was remarkable, outpacing gold,” Long noted. “This surge has prompted many investors in Vietnam to rush into silver, anticipating further gains. The market’s current momentum suggests those expectations may be well founded, and many experts believe the rally is only beginning.”
