Silver price at the close of the session on July 16: Plump, close to 59 million VND/kg

Domestic silver prices

Below is an update on silver prices on the website at some domestic silver trading units. Data recorded at 5:30 PM on July 16:

World silver price

As of 5:30 PM on July 16 (Vietnam time), the world silver price was listed at 56.65 USD/ounce, down 1.47 USD/ounce compared to the previous day.

Silver price forecast

Silver prices continue to face adjustment pressure as the precious metal market is facing mixed impacts from macroeconomic factors. In the short term, US bond yields remain high, the USD fluctuates, and investors' cautious sentiment is hindering silver's recovery.

According to analysts, new signals about inflation in the US are partly changing monetary policy expectations. Recent data shows that price pressure is showing signs of cooling down, thereby reducing concerns that the US Federal Reserve (Fed) will continue to maintain a tight policy for a long time. This creates favorable conditions to support precious metals.

However, silver is still being affected by factors that prevent the market from forming a clear upward trend. US Treasury bond yields remain high, while geopolitical tensions in the Middle East continue to raise concerns about the risk of energy prices rising again. If oil prices remain high, inflationary pressure may return, making the Fed more cautious in adjusting policy.

Technically, silver prices are showing a weak trend in the short term as they cannot maintain above important resistance zones. Failing to maintain the 58-60 USD/ounce mark increases selling pressure. The market is monitoring the support zone around 56-56.5 USD/ounce. If this zone is broken, silver prices may continue to test lower levels.

However, experts believe that the current decline has not changed the long-term outlook for silver. This metal is still supported by a prolonged supply shortage for many years, while demand for use is increasing in industrial sectors such as solar panel production, electric vehicles, electronics and new technologies.

Another notable factor is that most of the global silver supply currently comes from copper, lead and zinc mining activities, making it difficult to increase silver production when demand increases sharply. Meanwhile, physical silver inventories in many markets are tending to decrease, reflecting the tightening of actual supply.

Silver prices may continue to experience strong fluctuations in the short term as investors wait for more signals from the Fed, US economic data and geopolitical developments. However, with the fundamental factors of supply and demand, this metal is still assessed to have long-term recovery potential.

Investors need to be cautious in the face of strong fluctuations in the silver market, especially during periods of rapid price decreases. Buying and selling based on crowd psychology or short-term profit expectations can increase the risk of losses when the price trend is not really stable.