Silver price at the close of the session on July 28: Reduced by more than 1.8 million VND/kg

Domestic silver prices

World silver price

As of 6:15 PM, world silver prices were listed at 57.15 USD/ounce, down 1.96 USD/ounce compared to the previous day.

Silver price forecast

Silver prices are under strong adjustment pressure as the USD appreciates and cautious sentiment covers the market ahead of the US Federal Reserve (Fed)'s interest rate decision.

Although silver once recovered with gold in the previous session, the upward momentum was not maintained as investors limited opening new positions and switched to waiting for clearer signals about the monetary policy outlook of the US.

Interest rates continue to be the biggest risk factor for precious metals. The market is still considering the possibility of the Fed raising interest rates by 25 basis points at this meeting, while the probability of an interest rate hike in September is also high.

A monetary policy that maintains a tight state will support bond yields and the USD, thereby reducing the attractiveness of silver because this metal does not yield yields. The USD is at its highest level for about a month, also making silver more expensive for buyers using other currencies.

In addition, tensions between the US and Iran are showing signs of cooling down, causing oil prices to fall and somewhat weakening safe-haven demand. Falling energy prices help reduce inflation concerns, but also make the market lose a driving force supporting gold and silver.

However, geopolitical risks have not completely disappeared, especially as energy transportation through the Strait of Hormuz has not returned to normal. This could limit the sharp drop in precious metals if negotiations fail.

Technically, silver is falling below the support zone around 58.82 USD/ounce. If selling pressure continues to increase, the price may head towards the 54.78 USD/ounce mark. Conversely, silver needs to rise back to the 60.10-60.94 USD/ounce zone to strengthen the recovery signal.

In the short term, silver prices may continue to fluctuate strongly and lean towards a cautious trend until the Fed announces its interest rate decision and new policy orientation.