Silver Prices Slide Amid Lower Fuel Costs and Fed Expectations
The price of silver has seen a decline in Vietnam on July 28, following a trend that is being closely watched by investors. The domestic price of 999 silver at DOJI Jewelry Group Joint Stock Company and Phu Quy Jewelry Group was listed at 2.122 - 2.193 million VND/tael (buying - selling), down 89,000 VND/tael on the buying side and down 92,000 VND/tael on the selling side compared to yesterday morning.
The world silver price was listed at 57.29 USD/ounce, down 2.34 USD/ounce from the previous day's closing price. According to precious metals analyst James Hyerczyk, the sharp drop in fuel prices has reduced pressure on precious metals, including silver.
However, despite this downward momentum, analysts say that silver prices need to surpass the nearest resistance level of 60.94 USD/ounce to strengthen their upward trend. If successfully conquered, the price may head towards the 63.28 USD/ounce zone and further to the 65.07 USD/ounce level.
The key factor in determining the trend of silver prices this week will be the message from the US Federal Reserve (Fed) after its monetary policy meeting. Investors are waiting for signals on inflation prospects and policy management roadmap, which could impact bond yields and the USD.