Silver Prices Soar as Retail Demand and Geopolitics Boost Metal

Silver prices have been on a tear in recent days, pushing through key resistance levels and breaking out of its downtrend. The metal gained around 4.16% to trade near $64.10 an ounce, its strongest level in six weeks.

The rally has been driven by retail demand for physical silver coins and bars, which have seen a surge of 18% according to industry data. Institutional investors remain cautious, holding back from physically backed silver ETFs.

Geopolitical diplomacy and shifting Federal Reserve expectations have also contributed to the metal's rise. The agreement between Iran and Oman on a shipping corridor through the Strait of Hormuz raised hopes for normalized energy flows from the region, sending oil prices down around 10% on the week.