Silver Prices Near $59 as Geopolitical Uncertainty Boosts Demand

Silver prices neared $59 an ounce on Tuesday as geopolitical uncertainty and renewed demand offset concerns about higher U.S. interest rates.

The spot price rose 1.2% to $58.88 by 6:50 a.m. GMT, outperforming gold's smaller gain.

Traders were awaiting the June U.S. job openings report for fresh clues about the Federal Reserve's next move, with markets pricing a 65% probability of a September rate increase that could pressure non-yielding metals if Treasury yields and the dollar rise.

Silver's short-term chart shows price trapped between rising support and a descending resistance band, indicating potential volatility once the market produces a confirmed breakout.