Silver price fluctuations 30.4: Continue to increase, prospects are still bright

Domestic silver price

As of 8:00 a.m. on April 30, the price of 999 silver bars at Phu Quy Jewelry Group was listed at 1,280 - 1,320 million VND/tael (buy - sell); an increase of 6,000 VND/tael for buying and an increase of 7,000 VND/tael for selling compared to early this morning.

At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1,280 - 1,320 million VND/tael (buy - sell); an increase of 6,000 VND/tael for buying and an increase of 7,000 VND/tael for selling compared to early this morning.

The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at VND34.133 - 35.199 million/kg (buy - sell); increased by VND160,000/kg for buying and increased by VND96,000/kg for selling compared to early this morning.

World silver price

On the world market, as of 8:02 a.m. on April 30 (Vietnam time), the world silver price listed on Goldprice.org was at 33.04 USD/ounce.

Causes and predictions

James Hyerczyk, market analyst at FX Empire, said that silver continues to benefit from its role in key industries, especially in clean energy and electronics. Demand from photovoltaic manufacturing remains strong, with China and India leading the implementation of solar power globally.

"The use of silver in electric vehicles, power electronics and additional semiconductors supports the structure that makes silver different from gold. More than 50% of the current demand for silver comes from industrial applications - a key stabilizer against macroeconomic pressures," he said.

Meanwhile, Matt Bau - commodity strategist at Ned Davis Research - commented: "It is expected that the US Federal Reserve (FED) cutting interest rates in the coming time could help silver prices increase".

According to the expert, in the context of many economic uncertainties, the market is expecting the FED to cut interest rates up to 4 times this year, and the first possibility could be in June.

He also commented that silver often moves in the opposite direction to the USD. As the money supply is expanded, the US dollar weakens, which will support silver prices. A loose monetary policy also promotes the upward trend of silver prices.