{
  "id": 157273,
  "title": "Silver Price Forecast: XAG/USD revisits monthly high near $61 as oil price plunges further",
  "url": "https://urgent.news/2026/08/05/silver-price-forecast-xag-usd-revisits-monthly-high-near-61-as-oil",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-05T03:36:54.000Z",
  "source": {
    "name": "FXStreet",
    "slug": "fxstreet",
    "url": "https://www.fxstreet.com/news/silver-price-forecast-xag-usd-revisits-monthly-high-near-61-as-oil-price-plunges-further-202608050336"
  },
  "original_language": "en",
  "account": "Silver (XAG/USD) prices experienced a 1.8% increase, reaching around $60.95, during the Asian trading session on Wednesday. This rise in silver prices was driven by a sharp decline in oil prices, as hopes grew for a resolution in tensions between the United States and Iran over the Strait of Hormuz. The WTI Oil price decreased by 0.8%, now trading at approximately $73.80. Lower oil prices help to ease global inflation concerns, reducing worries about potential interest rate hikes by central banks – a positive development for non-yielding assets like silver. US officials indicated that a deal between Iran and the US to reopen the critical chokepoint could be reached \"as soon as Tuesday or Wednesday\". However, markets remain uncertain about the success of these ongoing talks. Investors are currently awaiting the US Nonfarm Payrolls (NFP) data for July, which will be released at 12:15 GMT. Furthermore, the ADP Employment Change data for July will also be released at the same time, providing additional insight into the US labor market. Analysts at Deutsche Bank forecast a slight improvement in the US labor market, projecting a \"modestly above June’s +57k\" payrolls increase of \"65k\" with a private sector rise of \"65k\" after \"49k\" in the previous month. These forecasts suggest a moderate pace of job creation that aligns with nominal income growth of around 4.4% year-on-year. XAG/USD traded higher at around $60.95, surpassing the 20-period exponential moving average of $59.05, which provides a supportive near-term trend bias. The Relative Strength Index (RSI) at 53.23 indicates neutral-to-positive momentum, suggesting building bullish sentiment without excessive overextension. On the downside, support for silver is found at the 20-day EMA at $59.05, which could act as a short-term support level if the price declines. Should the price pull back further, the July 17 low at $54.77 could provide additional support. In the technical analysis, silver prices may rise towards the July 6 high of $63.28, as long as it remains above $61.00. Factors affecting silver's price include geopolitical events, inflation expectations, the US Dollar's strength, investment demand, mining supply, and industrial demand. Silver is commonly used in electronic and solar energy industries due to its high electrical conductivity compared to other metals like Copper and Gold. Additionally, silver's price often mirrors gold's movements, and the Gold/Silver ratio can be used to determine relative valuation between the two metals. The Reserve Bank of India will announce its bi-monthly monetary policy decision on Wednesday at 10:00 AM IST (04:30 GMT), adding to the uncertainties surrounding the ongoing Middle East crisis.",
  "summary": "Silver price (XAG/USD) trades 1.8% higher at around $60.95 during the Asian trading session on Wednesday.",
  "key_points": [
    "Silver price rises 1.8% to $60.95 amid falling oil prices",
    "Oil prices drop 0.8% to $73.80, easing inflation concerns",
    "US-Iran deal could reopen Strait of Hormuz by Tuesday-Wednesday"
  ],
  "editors_take": "Easing inflation concerns on the back of lower oil prices boosts silver's appeal as a non-yielding asset, supporting its price increase amid a cautiously optimistic market mood ahead of key US data releases.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}