Silver prices are stalling above $36.00 on Monday, with bullish momentum taking a breather after a sharp multi-week rally.
At the time of writing, XAG/USD remains up more than 10% for the month, although the metal now appears to be consolidating as it searches for a fresh directional catalyst.
The US Dollar has lost ground despite the geopolitical backdrop, with its traditional safe-haven status coming under pressure amid political instability and uncertainty over trade policy.
A softer USD has helped keep Silver supported near $36.38, following a modest 0.2% gain from Friday.
The conflict between Israel and Iran, which is on its fourth day, has triggered waves of safe-haven demand. However, signs of a possible diplomatic opening have started to emerge. Reuters and The Wall Street Journal reported that Iran sent messages via Arab intermediaries indicating a willingness to resume nuclear talks with the United States.
This has introduced some hope for de-escalation, limiting further upside in precious metals. However, some Iranian officials have denied these reports.
Additionally, growing speculation around a potential Federal Reserve (Fed) rate cut later this year, particularly ahead of Wednesday's FOMC meeting, further enhanced Silver's appeal as a non-yielding hedge asset, helping it hold elevated levels despite fluctuating risk sentiment tied to the Middle East conflict.
Source: Fxstreet
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