Silver price fluctuations July 30: Silver bars, silver ingots surge

Domestic silver prices

As of 9:15 am on July 30, the price of 999 silver (1 tael) of DOJI Jewelry Group Joint Stock Company was listed at the threshold of 2.159 - 2.231 million VND/tael (buying - selling); an increase of 24,000 VND/tael on the buying side and an increase of 25,000 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 2.164 - 2.231 million VND/tael (buying - selling); an increase of 24,000 VND/tael on the buying side and an increase of 25,000 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 57.706 - 59.493 million VND/kg (buying - selling); an increase of 640,000 VND/kg on the buying side and an increase of 667,000 VND/kg on the selling side compared to yesterday morning.

World silver price

On the world market, as of 9:15 am on July 30 (Vietnam time), the world silver price was listed at 58.29 USD/ounce; an increase of 0.74 USD/ounce compared to yesterday morning.

Causes and forecasts

The US Federal Reserve (Fed) decided to keep interest rates unchanged at 3.5% - 3.75%, thereby eliminating the risk of interest rate hikes immediately after the meeting. However, the market still maintained a cautious sentiment as the Fed Chairman did not give a clear signal about the management roadmap in the coming time.

According to precious metals analyst James Hyerczyk, although the Fed keeps interest rates unchanged, the agency still assesses inflation at a high level and affirms that the target of bringing inflation to 2% has not changed.

After the Fed's decision, US government bond yields and the USD simultaneously fell, showing that the market previously expected the Fed to have a tougher stance. However, according to Mr. Hyerczyk, this development does not mean that the risk of raising interest rates in the upcoming meetings has decreased.

According to experts, the next direction of monetary policy will mainly depend on upcoming economic data, especially inflation and the labor market. When the Fed does not provide specific orientations, all economic reports from now until the September meeting will have a greater impact on investor expectations.

Regarding the precious metals market, Mr. Hyerczyk said that gold and silver prices are fluctuating around important technical support zones. Investors' reactions at these price zones will determine the short-term trend of both metals.

Experts also noted that the market recovery after the Fed meeting mainly came from the Fed not raising interest rates, instead of positive signals in the policy message. Therefore, the upcoming GDP data and PCE inflation index will be key factors to determine whether the expectation that the Fed will continue to keep interest rates unchanged is maintained. If inflation continues to be high, the possibility of the Fed resuming the policy tightening cycle will increase, putting pressure on the price of precious metals.