Vietnam gold, silver prices heat up amid global gains, supply strain

SJC gold bullion sold for a record VND138.4 million (US$5,244) per tael, up VND1.1 million ($42) from Tuesday.

The buying price stood at VND136.4 million ($5,168) per tael.

Global gold prices surged nearly $90 on Wednesday to $3,884 per ounce, the highest level in recent memory.

Converted at current exchange rates, this equates to VND123.84 million ($4,692) per tael.

Domestic SJC gold prices were trading approximately VND14.56 million ($552) above the international equivalent.

SJC gold prices have risen VND3.4 million ($129) per tael over the past three sessions.

Silver prices also advanced, with one-tael silver bars selling for VND1.869 million ($71), an increase of VND34,000 ($1.3) from Tuesday.

Buying prices rose to VND1.829 million ($69).

On the international market, silver surpassed $47 per ounce and approached $48, marking a year-to-date jump of more than 76 percent, the steepest rise in a decade.

In Vietnam, silver prices have increased 21.5 percent in the past month.

The gold-to-silver ratio narrowed from 83:1 a month ago to 74:1, signaling faster gains in silver compared to gold.

Analysts attributed the silver surge to tighter global supply and its relative undervaluation compared with gold.

Market participants remain cautious, awaiting new supply expected after October 10.

Industry data showed silver exchange-traded fund (ETF) inflows surged in June, with more than 300 tonnes purchased—double the amount in May.