Silver (XAG/USD) rallies on Wednesday to erase the previous two days' losses and reaches session highs above $76.00 at the time of writing, favoured by the US Dollar's weakness.
Silver price trims some of its Monday losses, recovering some ground up 0.69% in the day, trading at $73.22 after bouncing off a daily low of $72.42. An improvement in risk appetite is underpinning the precious metals segment.
Silver (XAG/USD) trades lower on Tuesday, hovering around $73.05 at the time of writing, down 0.65% on the day, as the white metal struggles to gain traction despite a modest pullback in the US Dollar (USD).
Silver (XAG/USD) tumbles over 3% on Monday as the US Dollar rises on safe-haven demand amid escalating US-Iran tensions in the Strait of Hormuz, as the US Navy embarks on Donald Trump’s 'Operation Freedom'. At the time of writing, XAG/USD trades at $72.74 after reaching a high of $76.00.
Silver (XAG/USD) starts the week on a negative note, trading around $73.50 at the time of writing, down 2.41% on Monday. The white metal is facing profit-taking amid a strengthening US Dollar (USD) and rising US Treasury yields.
Silver price (XAG/USD) declines after opening at a gap up, but remains in the positive territory and trades around $75.40 per troy ounce during the Asian hours on Monday.
Silver (XAG/USD) trades around $76.00 on Friday at the time of writing, up 3.05% on the day, supported by renewed demand despite a macroeconomic backdrop that remains challenging for non-yielding assets.
Silver (XAG/USD) is trading within the lower ranges of the $73.00s during Friday’s European session following rejection at a previous support area around $75.00 earlier on the day.
Silver (XAG/USD) trades with a positive bias for the second straight day on Friday, though it struggles to capitalize on modest Asian session gains to levels just above the $75.00 psychological mark.
Silver (XAG/USD) moves higher on Thursday, trading around $73.40 at the time of writing, up 2.81% on the day, after undergoing a marked pullback in recent weeks. This technical rebound comes as the white metal attempts to stabilize following the rejection near the $80 threshold in mid-April.
OCBC strategists Sim Moh Siong and Christopher Wong report that Silver has extended its pullback toward USD71/oz after a failed break above USD80 in mid-April, with higher Brent, hawkish rate repricing and a firmer US Dollar (USD) weighing on non-yielding metals.
Silver price (XAG/USD) is up 1.5% to near $72.35 during the European trading session on Thursday. The white metal gains ground after posting a fresh three-week low at $70.86 on Wednesday.