US-Iran Tensions Ease, Silver Prices Slump
Silver prices are feeling the effects of easing tensions between the US and Iran, which has reduced safe-haven demand and put downward pressure on silver. The metal is currently trading at $58.83, down 1.39% on the day.
The industrial demand for silver remains stable, supporting underlying market fundamentals despite current broad selling trends. Traders expect silver to consolidate between $57.78 and $59.88 over the next two to three days, with an estimated probability of a move upward at 62% and downside risk at 38%.
The de-escalation in US-Iran tensions has also moderated safe-haven flows into silver, contributing to its price drop. However, analysts note that resilient physical demand and shifting momentum had previously tilted the near-term outlook for silver modestly upward, despite prevailing headwinds.