Silver price fluctuations 3.5: Decreased but increased momentum still exists

Domestic silver price

As of 9:50 a.m. on May 3, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1.241 - VND1.279 million/tael (buy - sell); down VND11,000/tael for buying and down VND12,000/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 1.241 - 1.279 million VND/tael (buy - sell); down 11,000 VND/tael for buying and down 12,000 VND/tael for selling compared to early this morning.

The price of 999 (1kilo) gold bars at Phu Quy Jewelry Group was listed at 33.093 - 34.106 million VND/kg (buy - sell); down 293,000 VND/kg for buying and down 320,000 VND/kg for selling compared to early this morning.

World silver price

On the world market, as of 9:55 a.m. on March 3 (Vietnam time), the world silver price listed on Goldprice.org was at 31.97 USD/ounce.

Causes and predictions

Silver suddenly turned down after yesterday's price increase, but many experts said that this metal still has room to continue to increase.

Arslan Ali, currency and commodity analyst at FX Empire, said that silver is still benefiting from interest in precious metals in the context of weak US macroeconomic data.

"This week's ADP jobs report shows a weakening in private sector employment growth, while the number of initial unemployment claims skyrocketed to 241,000, marking the highest level since February.

The ISM manufacturing PMI also continued to fall to 48.7, showing an overall economic downturn," he said.

Meanwhile, analysts at BMO Capital Markets emphasized: "Given the context of the solar energy industry still creating a shortage of supply in the silver market, we expect prices to trade in the range of 30 - 35 USD/ounce".

In the long term, analysts at BMO Capital Markets said that the solar energy sector will play a leading role in the silver market - as the demand for cheap renewable energy continues to increase globally.

Siliver is an important raw material in the production of solar panels. The supply of silver is forecast to be in short supply in the coming time, as cash flow shifts from investment to industrial consumption" - analysts from BMO Capital Markets assessed.