Silver (XAG/USD) prices moved lower to around $36.20 during Asian trading hours on Monday (6/16). The recovery in the greenback weighed on the USD-denominated commodity. However, the downside potential seems limited amid rising geopolitical tensions in the Middle East.
Upbeat US economic data released on Friday could provide some support to the US Dollar (USD). The University of Michigan Consumer Sentiment Index improved for the first time in six months, with the index rising to 60.5 in June from 52.2 in the previous reading. This reading was above the market estimate of 53.5.
On the other hand, the market is worried that the Israel-Iran conflict could escalate into a regional conflict, which boosts safe-haven assets such as Silver. Israel launched an attack on Iran on Friday, targeting nuclear facilities and missile factories and assassinating military leaders.
Iran's semi-official media outlet Mehr News reported on Sunday that the fourth phase of Iran's operation against Israel has begun. Iranian officials stressed that they would "respond firmly to any reckless move" by Israel. (alg)
Source: FXstreet
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