Silver price closing session on July 14: Market awaits important economic data

Domestic silver prices

Below is an update on silver prices on websites at some domestic silver trading units. Data recorded at 5:00 PM on July 14:

World silver price

As of 5:15 PM on July 14 (Vietnam time), the world silver price was listed at 57.85 USD/ounce, down 0.72 USD/ounce compared to the previous day.

Silver price forecast

Silver prices continue to face downward pressure as the precious metal market faces many unfavorable factors at the same time, from rising US bond yields, a recovering USD to concerns about the possibility that the US Federal Reserve (Fed) will maintain a cautious monetary policy for a longer time.

According to analysts, although geopolitical factors in the Middle East region can still create support for safe-haven assets, this impact is being limited by spillover effects on inflation and interest rates. Oil prices are rising again due to tensions in the Middle East region, raising concerns that energy costs may continue to put pressure on the price level, making it difficult for the Fed to soon ease monetary policy.

In that context, US Treasury bond yields maintained at a high level are reducing the attractiveness of non-performing assets such as silver.

Investors are now more cautious in increasing their positions as the market is waiting for more signals from important economic data, especially the inflation report and new statements from Fed officials.

For silver, downward pressure also comes from the weakening of physical investment demand. Some market assessments show that the purchase volume of silver bars and coins is decreasing significantly during the price adjustment period, reflecting the cautious sentiment of individual investors as this metal continuously fluctuates strongly after the previous increase.

However, in the long term, silver still receives support from industrial demand, especially in fields such as solar energy, electronics and high technology. Global silver supply is also assessed as difficult to increase rapidly because most of the current silver production is a byproduct in the process of mining other metals such as copper, lead and zinc.

Technically, the short-term trend of silver currently leans towards adjustment as the price has not been able to overcome the important resistance zone around 60-62 USD/ounce. If selling pressure continues to increase, the support zone around 58 USD/ounce will be the area monitored by the market. In case of breaking through this zone, silver prices may continue to move down to lower zones.

In the opposite direction, to regain the upward momentum, silver needs to overcome technical resistance zones near 59-61 USD/ounce, and also needs more positive signals from US monetary policy and improvement in investment demand.

In the short term, silver prices can still experience strong fluctuations when investors balance geopolitical risks, interest rate prospects and global economic health. Silver buyers need to note that investing in the psychology of chasing prices up or expecting short-term profits contains many risks when international trends are not really stable.