Domestic silver prices
As of 10:20 am on July 24, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.131 - 2.202 million VND/tael (buying - selling); down 103,000 VND/tael on the buying side and down 106,000 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 2.136 - 2.202 million VND/tael (buying - selling); down 101,000 VND/tael on the buying side and down 104,000 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 56.959 - 58.719 million VND/kg (buying - selling); down 2.640 million VND/kg on the buying side and down 2.720 million VND/kg on the selling side compared to yesterday morning.
World silver price
On the world market, as of 10:15 am on July 24 (Vietnam time), the world silver price was listed at 57.3 USD/ounce; down 2.22 USD/ounce compared to yesterday morning.
Causes and forecasts
The metal market continues to be under pressure as US economic data exceeds expectations, increasing the possibility of the Fed maintaining high interest rates for longer.
The number of initial jobless claims in the week ending July 18 was only 187,000, lower than the forecast of 212,000. The 4-week average also decreased to 207,500 claims, while the number of people continuing to receive benefits was 1.796 million.
Data shows that the US labor market is still relatively stable, although the recruitment rate shows signs of slowing down. This makes investors lean towards the scenario that the Fed will keep interest rates unchanged at the July 29 meeting, but there is not enough basis to expect a clear peaceful turning point.
Precious metals analyst Christopher Lewis said that silver prices continue to be under pressure as they cannot yet surpass the psychological threshold of 60 USD/ounce. In the latest trading session, this precious metal turned down slightly after hitting the above mark, showing that selling pressure still prevailed.
According to him, high interest rates in the US continue to be a factor putting pressure on the silver market. As borrowing costs increase and other asset yields become more attractive, the attractiveness of silver to investors is reduced, making it difficult for prices to maintain their upward momentum.
Christopher Lewis believes that if the current trend continues, silver may retreat to the support zone of 55 USD/ounce. In case this level is broken, the price is likely to continue to fall to the 50 USD/ounce threshold - an important support zone that has repeatedly helped the market recover in recent years.
However, the expert noted that the market is still fluctuating strongly and investors need to closely monitor interest rate developments as well as new signals from the US economy to assess the next trend of silver prices.
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