Silver price fluctuations 7.5: High increase, many factors promote

Domestic silver price

As of 9:00 a.m. on May 7, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND 1.261 - 1,300 million/tael (buy - sell); an increase of VND 6,000/tael for both buying and selling compared to early this morning.

The price of 999 gold bars at Phu Quy Jewelry Group was listed at 1.261 - 1.300 million VND/tael (buy - sell); an increase of 6,000 VND/tael for both buying and selling compared to early this morning.

At the same time, the price of 999 (1kilo) taels of silver at Phu Quy Jewelry Group was listed at 33.626 - 34.666 million VND/kg (buy - sell); an increase of 160,000 VND/kg in both buying and selling directions compared to early this morning.

World silver price

On the world market, as of 9:05 a.m. on May 7 (Vietnam time), the world silver price listed on Goldprice.org was at 32.93 USD/ounce.

Causes and predictions

According to currency and commodity analyst Arslan Ali at FX Empire, silver prices are benefiting from risk-off sentiment, currently trading around $33/ounce.

"This metal continues to follow the price trend of gold. At the same time, silver also received support from technical factors and cash flow to find safe havens," he said.

Arslan Ali said that gold and silver prices are reflecting the simultaneous impact of many factors, including: the concern of recession in the US showing signs of cooling down, geopolitical tensions remaining amorous and central bank monetary policy still having many unknowns.

According to the expert, the market is still cautious in the face of inflationary pressure and the next steps of the US Federal Reserve (FED).

The focus is now on the upcoming Federal Open Market Committee (FOMC) meeting. Although no interest rate changes are expected, investors will still carefully consider Fed Chairman Jerome Powell's stance to seek signals of a possible interest rate cut later this year.

"With geopolitical uncertainty and uneven economic signals, gold and silver could continue to benefit from safe-haven cash flow in the short term," Arslan Ali assessed.