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Silver prices in Vietnam continued to climb sharply on the morning of May 7, tracking a global rally and pushing many silver bullion products above the 3 million dong per tael mark. The rapid rebound has also made some investors hesitate to sell, even as earlier declines left them in losses.
As of 11:30 a.m., Ancarat Precious Metals JSC quoted a buy price of 2.93 million dong per tael and a sell price of 3.03 million dong per tael.
Meanwhile, Sacombank SBJ traded bullion at 2.92 million dong per tael for the bid and 3.01 million dong per tael for the ask.
Other brands, including Phú Quý Precious Metals Group and DOJI Precious Metals Group, increased prices by about 120,000 dong per tael compared with the previous day, lifting selling prices above 3 million dong per tael.
Bullion prices at Bao Tin Mạnh Hải Precious Metals & Jewelry were reported as the highest in the market, with a buy price of 2.94 million dong per tael and a sell price of 3.46 million dong per tael. The quote was up about 140,000 dong per tael over the day.
Silver prices quoted per kilogram also rose strongly. Firms such as Ancarat, Sacombank SBJ, and Phú Quý were trading around 78 million dong/kg for the bid and about 80.4 million dong/kg for the ask, up nearly 3 million dong/kg versus the previous session.
Silver has risen for several consecutive days. On the world market at the same time, silver traded around 77.75 USD/ounce, staying higher than the previous session and returning to the highest level in about two weeks.
Silver’s advance was linked to global gold prices surpassing 4,700 USD/ounce, which drew capital back into the precious metals sector.
The rebound has left some investors still in the red as silver becomes hesitant to sell after the recent surge. Hoang Thinh, a resident of Ho Chi Minh City, said his silver investment has fallen more than 30% so far this year. About two weeks earlier, when silver prices continued to fall to a three-month low while stocks recovered and savings rates remained attractive, he considered cutting losses to move funds elsewhere. However, in recent days, as prices rose quickly, he hesitated.
A financial expert said domestic silver prices appear to be forming a mid-term bottom around 2.8–3 million dong per tael, aligning with global price movements in the 75–80 USD/ounce range. The expert advised investors not to rush to cut losses in the current period, while also noting that silver is not suitable for short-term trading.
The expert added that silver can help diversify a portfolio, but investors should use only idle funds and not borrowed capital for investment.
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