Silver price today July 2: Domestic silver continues to increase

This morning, the spot silver price on the world market hovered around 36,074 USD/ounce, down slightly from yesterday's trading session. Domestically, brands continued to maintain an upward trend.

Surveyed in the early morning of July 2, the price of Phu Quy silver at Phu Quy Gold and Gemstone Group ( Hanoi ) was listed at 1,398,000 VND/tael (buy) and 1,441,000 VND/tael (sell), an increase of 7,000 VND/tael for both buying and selling compared to the trading session yesterday morning.

Also in Hanoi, according to a survey at other trading locations, the listed silver price was at VND1,130,000/tael (buy) and VND1,160,000/tael (sell), an increase of VND8,000/tael for both buying and selling compared to yesterday morning's trading session.

In Ho Chi Minh City, silver prices also increased, currently at VND1,132,000/tael (buy) and VND1,165,000/tael (sell), also up VND8,000/tael in both buying and selling compared to yesterday morning's trading session.

On the world market, the world silver price is listed at 35.31 USD/ounce; down 0.8 USD/ounce compared to yesterday morning's trading session.

According to market analyst James Hyerczyk, investors are now waiting for a signal to break above $36.30 an ounce, considering whether buying power is strong enough to overcome resistance levels and create a new price increase.

“If silver breaks above this level, many investors will close their short positions and buy speculatively, pushing the price to the next targets around $36.84/oz and $37.32/oz. These are still important levels that trend traders are waiting for to confirm a new rally in line with the long-term uptrend,” the expert said.

Silver's bullish trend is being bolstered by a weaker US dollar and the growing likelihood of a US Federal Reserve rate cut in September, which has investors looking to the precious metal as a hedge against currency risks, said James Hyerczyk.

Meanwhile, bond yields are under pressure and political debates around spending plans continue to add to expectations of lower interest rates, helping silver maintain its bullish momentum.

"Industrial demand for silver remains a stabilizing factor as prices correct, particularly driven by demand in the solar and electronics sectors. At the same time, geopolitical developments, including trade optimism and political tensions, also contribute to supporting prices as investors seek safe assets to balance market risks," said James Hyerczyk.

Source: https://baolamdong.vn/gia-bac-hom-nay-2-7-bac-trong-nuoc-noi-da-tang-290811.html