Silver price at the close of the session on July 30: Simultaneously increasing

Domestic silver prices

World silver price

As of 5:15 PM, the world silver price was listed at 58 USD/ounce, up 0.45 USD/ounce compared to the previous day.

Silver price forecast

Silver prices are being supported in the context of increasing geopolitical tensions in the Middle East and the global financial market shifting to a defensive state. The sharp increase in oil prices, deep declines in US stocks and risks to important energy transportation routes have boosted demand for holding precious metals. However, silver's upward momentum is still relatively cautious as the USD and US bond yields remain high.

The US Federal Reserve's decision to keep interest rates in the range of 3.50-3.75% helped gold and silver recover. However, the fact that three members supported raising interest rates by an additional 0.25 percentage points shows that monetary policy is still trending towards tightening. This may continue to limit the strong breakthrough potential of non-performing metals, especially if the upcoming US growth and inflation data is higher than expected.

In the short term, silver is likely to continue to fluctuate strongly in line with gold, oil prices, the USD and conflict developments in the Middle East. Unlike gold, silver is also affected by industrial production prospects, so selling pressure on the stock market and concerns about economic growth may make the upward momentum unstable.

Technically, the 56.88 USD/ounce zone is playing an important supporting role. If this level is maintained, silver prices may continue to test the 58.67-59 USD/ounce resistance zone. Clearly exceeding 59 USD/ounce will open up the possibility of heading towards the 60.03 USD/ounce zone. Conversely, if the price falls below 56.88 USD/ounce, adjustment pressure may increase, bringing silver back to 56.11 USD/ounce, and further to 54.84 USD/ounce.

In general, the silver outlook is slightly leaning in a positive direction but there is not enough basis to confirm a sustainable upward trend. GDP data, US PCE inflation and developments in the Strait of Hormuz will be market orientation factors in the coming sessions. Information only reflects market developments, not investment recommendations.