Silver Surges Near $60 Amid Weaker Dollar and Easing Geopolitical Tensions

The silver price has surged to near $60 per ounce as investors returned to the precious metal following easing tensions between the US and Iran. This move sent oil prices plummeting, which in turn lowered inflation anxieties in the short-term and pushed the dollar lower.

As a result of this weaker dollar, silver has become more attractive, especially considering Treasury yields have dropped and opportunity costs for non-yielding assets like silver are now lower.

The Fed's policy decision on July 29-30 will be a key catalyst for markets, with traders expecting the central bank to leave interest rates unchanged. However, Chair Kevin Warsh's press conference may provide insight into potential future rate hikes in the second half of the year.