Commodities
Silver Prices Hold Firm Above $58.50 Amid US-Iran Diplomatic Progress
The price of silver (XAG/USD) remains above $58.50 as diplomatic signals between the US and Iran ease geopolitical tensions.
This development reduces the safe-haven demand for the US dollar, making the metal more attractive to foreign buyers and supporting its price.
Market participants are also monitoring the Federal Reserve's policy trajectory, with expectations of a potential rate cut later this year further pressuring the dollar and benefiting non-yielding assets like silver.
The technical outlook suggests that silver has found support above the $58.50 mark, which has acted as both a psychological and technical zone for buyers stepping in on dips.