Silver Price Slips 2.7% as Strait of Hormuz Tensions Weigh
Silver fell sharply on Tuesday, dropping around 2.70% to $64.77, as threats of a prolonged Strait of Hormuz closure overshadowed steady US yields and dollar.
XAGUSD
Silver reversed course on Tuesday, declining roughly 2.70% despite stable US Treasury yields and a mostly flat US dollar. The pullback came after reports that the Strait of Hormuz would stay shut if Washington fails to meet Iran's demands.
XAG/USD traded at $64.77, after reaching a daily high earlier in the session. The drop shifted market attention to the $63.50 support area.
Broader geopolitical uncertainty from the potential shipping lane disruption has added a layer of support for safe havens, but silver's immediate price action was decisively lower.
Source: FXStreet Forex News