Silver price at the close of the session on July 24: World silver reverses to increase

Domestic silver prices

World silver price

As of 6:15 PM, world silver prices were listed at 58.26 USD/ounce, up 1.09 USD/ounce compared to the previous day.

Silver price forecast

Silver prices are in a correction phase after a previous strong increase, as the precious metal market is negatively affected by geopolitical developments, energy prices and US monetary policy expectations.

Although safe-haven demand is still present, pressure from high bond yields and a strong USD are causing silver's recovery to encounter many obstacles.

The cooling of oil prices after a sharp increase has somewhat reduced concerns about the risk of inflation due to energy, thereby supporting sentiment in the precious metals market. However, investors are still cautious when assessing the interest rate outlook of the US Federal Reserve (Fed), especially in the context that this central bank may continue to maintain a cautious stance to control inflation.

US Treasury bond yields anchored at a high level are putting pressure on silver, because this is an asset that does not generate fixed cash flow. As the opportunity cost of holding assets increases, investment cash flow tends to seek greater safety in other profit channels, making it difficult for precious metals to maintain their upward momentum.

In addition, tensions in the Middle East continue to be an unpredictable factor for the market. Instability related to energy supply may boost defense demand for silver and other precious metals.

However, if oil prices rise sharply again, the market may worry about rising inflationary pressure, forcing the Fed to extend the time to maintain tight monetary policy. This is a factor that may limit the possibility of silver price increases.

Technically, silver is under pressure in the short term after failing to maintain the price range above 60 USD/ounce. The zone around 58 USD/ounce is an important support area. If selling pressure continues to increase and the price breaks through this zone, silver may face additional adjustment pressure to lower zones.

In the long term, silver is still assessed to have potential thanks to demand for use in industries such as solar energy, electronics and high technology.