Domestic silver prices
As of 9:15 am on July 22, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.247 - 2.322 million VND/tael (buying - selling); an increase of 61,000 VND/tael on the buying side and an increase of 63,000 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 2.252 - 2.322 million VND/tael (buying - selling); an increase of 66,000 VND/tael on the buying side and an increase of 68,000 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 60.053 - 61.919 million VND/kg (buying - selling); an increase of 1.760 million VND/kg on the buying side and an increase of 1.813 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 22 (Vietnam time), the world silver price was listed at 59.79 USD/ounce; an increase of 2.07 USD/ounce compared to yesterday morning.
Causes and forecasts
World silver prices recovered after a series of sharp declines when a part of investors took advantage of buying at low prices. However, the upward momentum is still assessed as quite fragile as the market continues to be under pressure from US Treasury bond yields anchored at high levels, the stronger USD and unclear signals about the monetary policy roadmap of the US Federal Reserve (Fed).
The current upward momentum mainly comes from bottom-fishing and status buyback activities after a period of deep price decline, instead of reflecting a clear improvement of supporting factors. In the context that US bond yields are still high, non-performing assets such as silver continue to be under pressure, causing investors to maintain a cautious mentality.
Precious metals analyst Christopher Lewis said that silver prices continue to fluctuate sharply as the market is affected by many global economic factors.
He said that silver prices have recovered positively and are moving towards testing the 60 USD/ounce mark - an important psychological threshold of the market. However, the possibility of surpassing this mark is still open.
According to him, pressure on silver prices comes not only from technical signals but also from the fact that interest rates in the US remain high and the USD continues to strengthen. These factors make non-performing assets such as gold and silver less attractive.
Although silver prices are recovering, Christopher Lewis believes that the general trend has not changed significantly. He believes that selling pressure may increase as the upward momentum weakens, causing the market to continue to face adjustment pressure.
This expert also emphasized that the 50 USD/ounce mark is an important price range, which has repeatedly played the role of a resistance level in history. If silver prices fall back, this area may become a support zone and witness strong fluctuations.
See more news related to silver prices HERE...
