Silver Price Tumbles Amid Hopes for Middle East Peace

The XAG/USD price fell to near $66.00 as crude oil prices declined due to growing hopes that increased diplomatic efforts could end the Middle East conflict and restore stable energy flows from the region.

US President Donald Trump stated he would 'probably' be open to meeting Iranian President Masoud Pezeshkian on the sidelines of the United Nations General Assembly in New York this week, alongside potential meetings with other Persian Gulf leaders and Chinese President Xi Jinping.

However, geopolitical tensions remain high as Ukraine launched a massive overnight drone and missile assault targeting Moscow, while Yemen's Houthis claimed responsibility for missile and drone strikes against 'sensitive' locations in the Saudi capital of Riyadh.