Silver Prices Soar on Eased Geopolitical Tensions

The price of Silver (XAG) has risen by 1.98% to $59.34, pushing it above its key short- and medium-term moving averages but remaining below its long-term average.

Market sentiment surrounding Silver has shifted due to improved US-Iran peace talks and a recent robust US manufacturing report, which reinforced expectations of sustained Federal Reserve policy restraint.

Traders are adjusting their positions following the easing of geopolitical tensions in the Middle East, with reduced safe-haven demand contributing to the current price action.