Silver price today May 7: Domestic silver price increased sharply

Silver price today at Phu Quy Gold and Gemstone Group, Phu Quy silver price increased sharply, listed at 1,264,000 VND/tael (buy) and 1,303,000 VND/tael (sell) in Hanoi.

Also in Hanoi, at other transaction points, silver prices are currently listed at VND1,052,000/tael (buy) and VND1,082,000/tael (sell), up VND19,000/tael for both buying and selling compared to yesterday morning's trading session.

The strong upward trend also occurred in Ho Chi Minh City. Currently, silver price in Ho Chi Minh City is trading at 1,054,000 VND/tael (buy) and 1,087,000 VND/tael (sell), an increase of 19,000 VND/tael in both buying and selling compared to yesterday morning's trading session.

In the world market, the silver price listed on Goldprice.org is at 32.98 USD/ounce; an increase of 0.8 USD compared to yesterday.

Silver prices rose as traders focused on the strong performance of the gold market, according to analyst Vladimir Zernov at FX Empire.

Silver prices are struggling to hold above a key resistance level of $32.50 an ounce. “Silver was trading at $32.473 an ounce on Monday afternoon, up 1.44% on the session – still very close to that level,” he said.

In the long term, industrial demand remains a key support for silver, especially in clean energy sectors such as solar panel and electric vehicle manufacturing, FX Empire analyst James Hyerczyk stressed.

"China and India will continue to increase renewable energy production. This will help to partially offset selling pressure from financial investors," added analyst Vladimir Zernov.

Source: https://baodaknong.vn/gia-bac-hom-nay-7-5-gia-bac-trong-nuoc-dong-loat-tang-manh-251715.html