Silver (XAG/USD) prices moved higher near $36.10, ending a three-day losing streak during Asian trading hours on Monday (6/23). The white metal attracted some buyers amid heightened tensions in the Middle East after the US bombed Iranian nuclear sites.
The United States carried out airstrikes on three nuclear sites in Iran on Sunday morning despite US President Donald Trump's long-standing vows to avoid any new foreign conflict. Iran has vowed to respond, saying it is "keeping all options on the table," while Trump said that any Iranian retaliation against the United States "will be met with far greater force than we saw tonight." Any signs of escalation could boost demand for safe-haven assets, such as Silver.
Federal Reserve (Fed) Chairman Christopher Waller said on Friday that the Fed is in a position to cut policy rates as early as July. Dovish remarks from Federal Reserve (Fed) officials provided some support to the white metal. Lower interest rates make silver cheaper for foreign buyers, boosting global demand.
On the other hand, fresh US Dollar (USD) demand may cap gains in Silver prices. Investors await the preliminary reading of the US S&P Global PMI for June. If the US economic data is stronger than expected, it could support the Greenback in the near term. (alg)
Source: FXstreet
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