Silver Surges Past $59 on Weaker Oil Prices and Dollar

Silver prices surged on Monday, reaching $59.81 per ounce, as oil prices fell and investors became less defensive.

The metal's rebound was stronger than gold's because of its dual identity as both a precious metal and an industrial commodity.

A reduction in Middle East tensions improved the outlook for manufacturing and global demand, while cheaper energy eased concerns about rising production costs.

Silver is widely used in solar panels, electronics, and electric vehicles, making it more sensitive to changes in economic sentiment.

The US dollar's weakness also provided a boost, lowering the cost of silver for buyers using other currencies.