Silver Prices Rose on July 31 [SMM Daily Review]

Affected by geopolitical conflicts, silver prices rose starting from the night session today. The opening price of spot silver today was $28.352/ounce. The ex-factory reference price of SMM #1 silver in the morning averaged 7,384 yuan/kilogram, an increase of 217 yuan/kilogram compared to yesterday, up 3%. The attack on Hamas leaders this morning also pushed silver prices up. Due to the price increase and changes in the basis, market inquiries were active today, but upstream sellers were reluctant to sell. The spot premiums were 1 yuan/kilogram, and the large factory premiums were 3 yuan/kilogram, with moderate transactions.