Silver price closing session July 2nd: Recovery, approaching the 60 USD/ounce mark

    Phương Anh |

    Silver price closing session July 2nd: Simultaneously increasing in both domestic and world markets.

    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 2:

    Cập nhật giá bạc của Phú Quý chốt phiên giao dịch ngày 2.7. Đồ họa: AI
    Update on Phu Quy silver price at the closing session on July 2. Graphics: AI
    Cập nhật giá bạc của DOJI chốt phiên giao dịch ngày 2.7. Đồ họa: AI
    Update on DOJI silver prices at the closing session on July 2. Graphics: AI
    Cập nhật giá bạc của Ancarat chốt phiên giao dịch ngày 2.7. Đồ họa: AI
    Updated Silver price of Ancarat closing session on July 2. 7. Graphics: AI

    World silver price

    As of 6:45 PM on July 2nd (Vietnam time), the world silver price was listed at 59.94 USD/ounce, up 1.19 USD/ounce compared to the previous day.

    Diễn biến giá bạc thế giới những phiên gần đây. Biểu đồ: Phương Anh
    World silver price movements in recent sessions. Chart: Phuong Anh

    Expert's opinion

    World silver prices are showing remarkable signs of recovery as they enter the third quarter, in the context of the precious metal market regaining momentum after a period of pressure from a strong USD and high US Treasury bond yields. Compared to gold, silver is showing more positive developments when at one point it surpassed the 60 USD/ounce mark before cooling down slightly towards the end of the session.

    In the short term, the diễn biến of silver will depend heavily on the US June jobs report. If job data is better than forecast, the USD and bond yields may continue to rise, thereby putting pressure back on silver due to expectations that the US Federal Reserve will maintain a cautious monetary policy.

    Conversely, if labor data is weaker than expected, the market may increase expectations that the Fed will soon ease policy, creating more momentum for precious metals, including silver.

    Regarding geopolitical factors, the situation in the Strait of Hormuz has become less tense as oil flows recovered faster than expected. This helps reduce concerns about energy inflation shocks, making the shelter role of gold and silver no longer as prominent as in the previous period.

    However, the risk has not completely disappeared, because the volume of transportation through Hormuz is still significantly lower than before the conflict. Any new disruption could quickly increase shelter demand.

    Technically, the 60.41-61.54 USD/ounce zone is an important resistance level for silver. If it crosses this zone, silver prices may expand their gains to higher levels such as 64.25 USD/ounce, or even further to 69.85 USD/ounce. In the opposite direction, the 57.13 USD/ounce zone is near support.

    If this milestone is lost, silver may fall back to $56.5/ounce or deeper to $55/ounce. In general, the short-term trend of silver still leans towards recovery, but the fluctuation range may be large as the market is waiting for clearer signals from US economic data.

    See more news related to silver prices HERE...

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