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Silver prices (XAG/USD) have extended their gains for the second consecutive day, trading near $59.00 per troy ounce during Asian hours on Monday. The recent movement follows heightened geopolitical tensions between the US and Iran, which have traditionally acted as a safe-haven driver for precious metals. Analysts note that while geopolitical risks often support silver, the broader economic context—including US interest rates and inflation data—could temper its upward trajectory.
For markets, the volatility in silver reflects broader uncertainty around global stability. Traders are closely monitoring the US-Iran situation, as any escalation could further boost demand for safe-haven assets. Conversely, a de-escalation might lead to profit-taking and downward pressure on silver prices. The metal’s performance also hinges on its technical indicators, with key resistance levels near $60.00 and support around $58.00.
Looking ahead, investors should watch for updates on US-Iran diplomatic developments and upcoming Federal Reserve policy signals. Silver’s correlation with gold and other commodities may also provide clues about market sentiment. For now, the $59.00 level serves as a critical psychological threshold that could determine the next directional move.
