Domestic silver prices
Below is an update on silver prices on the website at some domestic silver trading units. Data recorded at 7:45 PM on July 22:
World silver price
As of 7:45 PM, world silver prices were listed at 59.15 USD/ounce, up 0.39 USD/ounce compared to the previous day.
Silver price forecast
Silver prices are recovering after a period of adjustment, as the market receives more positive signals from US economic data. However, the upward momentum of this precious metal is still struggling as investors continue to assess interest rate prospects and inflation-related risks.
Recent economic data, especially the trend of cooling inflation, has somewhat reduced pressure on the monetary policy of the US Federal Reserve (Fed). This supports market sentiment and helps non-profit assets such as silver improve their attractiveness. In addition, buying off previous selling positions also contributes to boosting silver prices.
However, the market has not yet fully established a sustainable upward trend. Maintaining high US bond yields and a stable USD are still factors limiting silver's breakthrough potential. Investors are still cautious ahead of the upcoming Fed policy meeting and new signals about interest rate orientation.
In addition to monetary factors, geopolitical developments in the Middle East continue to affect the precious metals market. Tensions on important shipping routes may boost safe-haven demand, but at the same time also increase concerns about energy prices and inflation.
Technically, silver prices are improving as they maintain the support zone around 59 USD/ounce. If they surpass the 60-61 USD/ounce resistance zone, this metal may expand its recovery momentum. Conversely, selling pressure may return if the price does not maintain the current support zone.
In the short term, silver prices may still fluctuate strongly as the market balances between expectations of the Fed maintaining a more appropriate policy and persistent inflation risks.
The information in the article only reflects market developments, not investment recommendations. Investors need to carefully consider risk factors before making a decision.
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