Silver (XAG/USD) prices extended its correction for the third trading day, dropping nearly 1.5% to near $35.50 during European trading hours on Thursday (6/12). The white metal corrected after failing to extend its more than a decade-high of $36.90 recorded on Monday. The asset faced sharp selling pressure despite the escalating tensions in the Middle East.
According to officials in the United States (US) and Europe, Israel appears to be preparing to launch an attack on Iran soon, The New York Times reported. Meanwhile, Washington has announced that it will reduce the number of personnel from the Middle East as tensions between Israel and Iran escalate.
In theory, geopolitical tensions increase demand for safe-haven assets, such as Silver.
Meanwhile, increasing uncertainty around the US tariff policy has kept the US Dollar (USD) weak. The White House said Wednesday it was ready to send a final trade deal, including tariffs, to trading partners that have not accepted Washington's proposal or are not negotiating in good faith.
"At some point we will send a letter saying ‘here's the deal,' you can take it or leave it," Trump wrote in a post on Truth.Social, adding, "We will send a letter in a week and a half to two weeks to let them know what the deal is."
Technically, a lower US Dollar makes Silver a value bet for investors. (alg)
Source: FXstreet
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