Silver prices surge at Ancarat Vietnam JSC, reaching VND 1,853,000 per tael (buy) and VND 1,903,000 per tael (sell) in Hanoi. Over the past year, silver prices have soared by 65%.
Meanwhile, 1kg 999 fine silver bars are priced at VND 48,516,000 (buy) and VND 49,766,000 (sell) as of 8:41 AM on October 7th.
Globally, silver prices hit a high of $48.4 per ounce.
Silver climbed above $48.3 per ounce on Monday (October 6th), its highest level since April 2011. This surge is driven by the U.S. government shutdown and expectations of further interest rate cuts by the Federal Reserve, boosting demand for safe-haven assets.
Lawmakers once again failed to secure a funding deal, halting critical federal programs and delaying key data releases, including the September jobs report originally scheduled for Friday (October 10th).
Markets are now almost fully pricing in a 0.25 percentage point rate cut by the Fed this month and another in December. Investors are also awaiting speeches from Fed Governor Stephen Miran on Wednesday (October 8th) and Chairman Jerome Powell on Thursday (October 9th) for further policy cues.
Beyond macroeconomic factors, silver has been supported by tightening supply conditions, with the Silver Institute forecasting a global market deficit for the fifth consecutive year in 2025.
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