On May 25, international oil prices dropped sharply while precious metals rose sharply. Spot gold broke through $4,570/oz, up more than 1% intraday. Spot silver touched $78/oz, up more than 4%.
Since 2026, the silver market has experienced a "roller coaster" trend: after surging to historic highs at the beginning of the year, it pulled back significantly and has since stayed high with wild swings.
As the largest industrial demand sector for silver, PV has seen rising penetration rates of high-efficiency cells (TOPCon/HJT/BC) drive up per-unit silver consumption, and the surge in silver prices has become a core cost pressure for PV modules.
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