Silver Price Forecast: XAG/USD surges to near $69.00 amid heightened volatility
Silver price (XAG/USD) extends its gains for the third successive day, trading around $68.70 per troy ounce during the Asian hours on Friday. Silver prices rise as investors turn to safe-haven metals amid heightened volatility across global currency and bond markets.
The XAG/USD silver price has risen to near $69.00 amid heightened market volatility, as investors flock to safe-haven metals. This surge follows a 6% increase in the past week, spurred by the US Treasury Department's decision to at least double its long-term debt buybacks. Treasury yields and the dollar dropped sharply as a result, which in turn fueled silver's upward momentum.
However, further gains may be limited by rising oil prices, due to tensions between the United States and Iran over the Strait of Hormuz. Silver is a safe-haven asset that tends to rise with lower interest rates, but its price can also be influenced by the U.S. Dollar, industrial demand, and geopolitical factors.
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