Silver Price Surges Amid Geopolitical Tensions
The silver price closed on July 30 with a rise in both domestic and international markets. The world silver price was listed at $58 per ounce, up $0.45 from the previous day.
This increase is due to several supporting factors, including increasing geopolitical tensions in the Middle East and the global financial market shifting to a defensive state. The sharp rise in oil prices and declines in US stocks have boosted demand for holding precious metals.
However, silver's upward momentum remains cautious as the USD and US bond yields remain high. The US Federal Reserve's decision to keep interest rates between 3.50-3.75% has helped gold and silver recover, but three members supported raising interest rates by an additional 0.25 percentage points, indicating that monetary policy is still tightening.
In the short term, silver prices are likely to fluctuate strongly in line with gold, oil prices, the USD, and conflict developments in the Middle East. The technical analysis suggests that the $56.88 per ounce zone is playing an important supporting role, and if this level is maintained, silver prices may continue to test the $58.67-59 resistance zone.