Silver price fluctuation July 16: Struggle, under a lot of pressure

Domestic silver prices

As of 9:00 AM on July 16, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2,150 - 2,222 million VND/tael (buying - selling); down 56,000 VND/tael on the buying side and down 57,000 VND/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 2.155 - 2.222 million VND/tael (buying - selling); down 53,000 VND/tael on the buying side and down 54,000 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 57.466 - 59.253 million VND/kg (buying - selling); down 1.413 million VND/kg on the buying side and down 1.44 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 16 (Vietnam time), the world silver price was listed at 57.02 USD/ounce; down 1.43 USD/ounce compared to yesterday morning.

Causes and forecasts

Silver prices continue to fluctuate below the 60 USD/ounce mark as new momentum has not appeared in the market. Investors are still focusing on monitoring economic information from the US, especially interest rate developments, to assess the trend of precious metals.

According to precious metals analyst Christopher Lewis, the 60 USD/ounce threshold is playing an important psychological role. In recent weeks, silver prices have continuously fluctuated around this range but have not been able to break through in a clear direction. This shows that the market is still in a period of accumulation and is likely to continue to move sideways in the short term.

The expert said that cautious sentiment still dominates the market as traders have not identified strong enough factors to push silver prices up or down significantly.

Regarding macroeconomic factors, Mr. Lewis said that interest rates in the US are still maintained at a high level, while the USD continues to strengthen against many other currencies. These are factors that put pressure on silver prices, because a high interest rate environment often reduces the attractiveness of unprofitable precious metals.

Regarding technical analysis, he believes that the market still needs an additional supporting factor or external impact to break the current sideways state.

According to Mr. Lewis's assessment, silver prices are likely to continue to fluctuate in a narrow range in the near future.