Silver price rebounds as the US Dollar, however, its outlook remains bearish.
The appeal of safe-haven assets diminished on truce talks between Israel and Iran.
The US Dollar fails to hold gains driven by US Trump’s threat to raise tariffs by 25% on Canada and Mexico.
Silver price (XAG/USD) rebounds after discovering a temporary support near the psychological support of $30.00. The white metal gains an interim ground as the US Dollar (USD) retreats. However, its outlook has weakened as its safe-haven demand weakens on potential de-escalation in the war between Israel and Iran.
Israeli Ambassador Mike Herzog told on Israeli Army Radio that a ceasefire deal to end fighting between Israel and Lebanon-based Hezbollah fighters could be reached “within days”, AlJazeera reported.
Potential truce talks have diminished safe-haven demand for precious metals, such as Silver. However, the overall safe-haven appeal has not been extinguished as the war between Russia and Ukraine remains intact.
Meanwhile, an upside-down move in the US Dollar (USD) has resulted in a slight recovery in the Silver price. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, surrenders gains after a strong opening and drops to near 107.00.
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