Silver Edges Higher on Hormuz Reopening Hopes
Silver rose 2% on Tuesday to near $59.50 per ounce, helped by easing supply fears, but gains were capped near recent highs.
Silver (XAG/USD) was trading near $59.50 per troy ounce on Tuesday, up 2% for the session, as optimism over the potential reopening of the Strait of Hormuz eased concerns about supply disruptions.
Despite the day's advance, the metal pulled back from earlier highs and remains confined within a tight trading range. The move comes as geopolitical tensions in the region showed signs of de-escalation, which buoyed risk sentiment but limited safe-haven demand.
Traders are watching whether silver can break out of its recent consolidation pattern, with resistance near the highs seen earlier in the session.
Source: FXStreet Forex News