Silver price fluctuation 10.7: Strong increase as market sentiment improves

Domestic silver prices

As of 9:10 am on July 10, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of VND 2,273 - 2,348 million/tael (buying - selling); an increase of VND 73,000/tael on the buying side and an increase of VND 75,000/tael on the selling side compared to yesterday morning.

At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.276 - 2.346 million VND/tael (buying - selling); an increase of 71,000 VND/tael on the buying side and an increase of 73,000 VND/tael on the selling side compared to yesterday morning.

The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 60.693 - 62.559 million VND/kg (buying - selling); an increase of 1.894 million VND/kg on the buying side and an increase of 1.94 million VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:10 am on July 10 (Vietnam time), the world silver price was listed at 60.2 USD/ounce; up 1.91 USD/ounce compared to yesterday morning.

Causes and forecasts

Gold and silver prices simultaneously increased as the USD weakened, US government bond yields fell and fuel prices fell. Market sentiment was also affected by the minutes of the latest meeting of the US Federal Reserve (Fed) and developments in the Middle East.

For silver, the price fluctuates in the range of 57.47-60.62 USD/ounce. After the previous declining session, silver has recovered to near the threshold of 60 USD/ounce but has not yet overcome the important resistance zone of 61-62 USD/ounce.

However, according to precious metals analyst Christopher Lewis, silver prices are still trading in a rather fragile state as important support zones have been breached in recent days. He believes that the silver market is inherently volatile and is likely to continue to fluctuate in the near future.

Currently, silver prices are still mainly struggling around the 60 USD/ounce threshold. According to Mr. Lewis, if the price falls deeply and loses the 57 USD/ounce mark, the market may enter a stronger correction phase, with the 50 USD/ounce zone becoming the next target. In this context, short-term recovery phases are likely just opportunities for investors to take profits or sell out when weakening signals appear.

The expert also emphasized that interest rate developments in the US will be a factor to closely monitor. If interest rates continue to rise, silver prices may face further downward pressure in the short term. He assessed that the 50 USD/ounce mark is an important support zone that has played a role many times in recent decades and may become an attractive buying point for long-term investors, if the market stabilizes again.

However, Christopher Lewis believes that at the present time, the market has not shown clear signs of recovery. Concerns about inflation may cause interest rates to remain high. Therefore, he still maintains a cautious stance and does not believe in short-term price increases of this precious metal.