Silver price fluctuations on July 26: Recovery, market awaits signal from Fed

    Phương Anh |

    Silver price fluctuation 26.7: Silver prices recovered after selling pressure cooled down, but the trend next week still depends on the Fed meeting.

    Domestic silver prices

    As of 9:00 am on July 26, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.163 - 2.235 million VND/tael (buying - selling); an increase of 43,000 VND/tael on the buying side and an increase of 44,000 VND/tael on the selling side compared to a week ago.

    At the same time, the price of 999 silver bars (1 tael) at Phu Quy Jewelry Group was listed at the threshold of 2.168 - 2.235 million VND/tael (buying - selling); an increase of 43,000 VND/tael on the buying side and an increase of 44,000 VND/tael on the selling side compared to a week ago.

    Biến động giá bạc trong nước những phiên gần đây. Biểu đồ: Phương Anh
    Domestic silver price fluctuations in recent sessions. Chart: Phuong Anh

    The price of 999 silver ingots (1kg) at Phu Quy Jewelry Group is listed at 57.813 - 59.599 million VND/kg (buying - selling); an increase of 1.147 million VND/kg on the buying side and an increase of 1.173 million VND/kg on the selling side compared to a week ago.

    World silver price

    On the world market, as of 9:00 AM on July 26 (Vietnam time), the world silver price was listed at 58.06 USD/ounce; an increase of 2.24 USD/ounce compared to a week ago.

    Diễn biến giá bạc thế giới những phiên gần đây. Biểu đồ: Phương Anh
    World silver price movements in recent sessions. Chart: Phuong Anh

    Causes and forecasts

    Silver prices recovered in the last trading session of the week after selling pressure related to interest rate expectations temporarily subsided. Previously, Thursday's session recorded a sharp increase in US government bond yields, the USD rose, but silver prices did not fall as deeply as expected. This caused many short-selling investors to close positions when prices began to recover in Friday's session.

    According to precious metals analyst James Hyerczyk, the increase in silver is supported by the cooling down of US Treasury bond yields and fuel prices. This development contributes to reducing inflationary pressure and helping the bond market become more stable, creating conditions for silver prices to recover.

    However, experts believe that the outlook for silver still largely depends on the meeting of the US Federal Reserve (Fed) next week and geopolitical developments in the Middle East. Although the market still leans towards the possibility of the Fed keeping interest rates unchanged, "hawkish" statements or fuel prices rebounding due to escalating tensions may cause bond yields to rise, thereby putting pressure on silver prices.

    Regarding technical analysis, Mr. Hyerczyk said that silver prices are still fluctuating in a narrow range and have not formed a clear trend. In the short term, the price needs to overcome the nearest resistance zone to consolidate the upward momentum. Conversely, if it does not overcome this threshold, selling pressure may return and put pressure on the price. According to experts, the diễn biến of silver prices before and after the Federal Open Market Committee (FOMC) meeting will be an important factor determining the next trend of the market.

    The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.

    See more news related to silver prices HERE...

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