Silver price at the end of the session on July 1: Maintaining a positive tone

Domestic silver prices

Below is an update on silver prices on the website at some domestic silver trading units. Data recorded at 6:30 PM on July 1:

World silver price

As of 6:20 PM on July 1st (Vietnam time), the world silver price is listed at 58.75 USD/ounce.

Expert's opinion

Spot silver prices continued to maintain positive trends in the session after the North American market closed on Tuesday, in contrast to the weakening trend of gold.

While gold is under pressure from stronger US labor data than expected, silver shows better resistance thanks to technical momentum and price correlation leaning towards this metal.

At the time of recording, spot silver traded around 58.75 USD/ounce, up 0.14% in the session.

The trading range of silver in New York is in the range of 56.53 – 60.55 USD/ounce, showing that buying power is still maintained quite well after fluctuations. The cooling of the gold/silver ratio is supporting silver, reflecting that cash flow tends to prioritize silver over gold in the short term. This is a noteworthy signal, because silver is not only affected by the shelter factor like gold but is also supported by expectations of industrial demand.

However, the biggest risk to the silver market currently still comes from the monetary policy of the US Federal Reserve. JOLTS job data shows that the number of job positions in the US increased to 7.594 million in May, higher than the expected 7.3 million.

This has caused the yield of 10-year US Treasury bonds to increase to near the 4.5% zone, while strengthening concerns that the Fed may maintain a tougher stance for longer. High yields and stronger USD often put pressure on precious metals, including silver.

Geopolitical factors in the Strait of Hormuz also need to be monitored. Oil flows through this area have recovered to near pre-tension levels, but political risks have not completely disappeared. If new incidents related to oil transportation or US-Iran negotiations collapse, oil prices may rise again, leading to inflationary pressure and changing expectations about the Fed. This scenario could create strong fluctuations for silver.

Technically, silver buyers need to bring prices beyond the resistance zone of 61 – 62 USD/ounce to confirm a new upward momentum. If successfully surpassed, the next target may be 65 USD and further is 66 USD/ounce. Conversely, the important support zone is currently at 56 – 57 USD/ounce.

If this zone is breached, silver may adjust further to 55 USD, even 54 USD/ounce. In the short term, silver is still showing stronger signals than gold, but the upward momentum needs to be confirmed by a clear breakthrough through the 62 USD/ounce zone.