Silver prices close the session on July 25: Simultaneously falling

Domestic silver prices

World silver price

As of 7:15 PM, the world silver price was listed at 58.03 USD/ounce, down 0.23 USD/ounce compared to the previous day.

Silver price forecast

Current developments show that silver prices are still under adjustment pressure, although bottom-fishing buying has appeared as prices recovered from the 56.98 USD/ounce range. The context of silver has many similarities with gold, because both metals are strongly dominated by fluctuations in the USD, US bond yields, monetary policy of the US Federal Reserve (Fed) and geopolitical tensions.

In the short term, the slight decrease in 10-year US government bond yields has created conditions for gold and silver to recover. However, the USD still maintains near its recent highs, while data on business activity, housing and the US labor market continue to show that the economy has not weakened significantly. This reduces expectations of the Fed's ability to soon ease monetary policy, thereby limiting the upward room for precious metals.

In addition, oil price fluctuations and the tense situation in the Middle East region are creating a two-way impact. Geopolitical risks can stimulate safe-haven demand, support gold and indirectly support silver. Conversely, if oil prices rise sharply again, inflationary pressure may cause bond yields and the USD to rise, adversely affecting silver prices.

Compared to gold, silver is also affected by industrial demand, so this metal may fluctuate more strongly when psychology in the stock market and economic prospects change.

Technically, the 59.23 USD/ounce zone is an important resistance level. If it is surpassed and maintained above this level, the silver price may head towards the above 60 USD/ounce zone. Conversely, if it loses the 56.98 USD mark, selling pressure may push the price down.

In the coming sessions, the trend of silver is likely to remain volatile and largely depends on the Fed's decision, GDP data, US PCE inflation and developments on key oil transport routes.