US-Iran De-Escalation Sends Silver Soaring to $59

Silver prices have surged to near $60 as markets react positively to the de-escalation of tensions between the United States and Iran.

The price of Silver (XAG/USD) rallied by 2.27% on Monday, reaching around $59.45 at the time of writing.

This uptrend is largely due to the decline in Oil prices, which fell by nearly 8%, following renewed hopes for diplomacy between the US and Iran.

The decrease in energy prices has eased concerns over high inflation, reducing the likelihood of further monetary tightening and supporting non-yielding assets such as Silver.