Silver Price Forecast: Silver prices (XAG/USD), have dropped to around $35.45 during Thursday’s European trading session. This marks the third day in a row that silver has fallen, losing nearly 1.5% of its value. Even though silver reached a high of $36.90 earlier this week—the highest in over ten years—it’s now facing selling pressure. Surprisingly, this drop is happening despite growing tensions in the Middle East, which usually make safe-haven assets like silver more attractive.
Middle East Tensions
Geopolitics, US election uncertainties drive gold’s record rally
Gold prices extended gains and scaled another record high on Monday, steered by elevated Middle East tensions and U.S. election uncertainty, while silver hit a near 12-year peak.
Crude oil near $71 amid Middle East tensions
Crude oil futures rose toward $71 per barrel, reaching a near one-month high as Middle East tensions escalated. Irans missile attack on Israel sparked concerns over potential disruptions in oil supply from the region, which accounts for a third of global production. Despite the tension, EIA data showed a 3.89 million barrel increase in U.S. crude inventories and weak gasoline demand. OPEC+ plans to restore some halted capacity starting in December, further easing concerns. MCX October delivery oil futures were up by Rs 57, trading near Rs 6000.
U.S. Troops in Iraq and Syria are on High Alert – Gold Silver Reports
Military leaders say there’s a credible threat, but aren’t giving details. Also, Donald Trump Jr. reaches a deal to testify for the Russia probe, comedian Tim Conway dies at age 85 and the Seminole Tribe halts payments over a gaming dispute.
Middle East Tensions, Support For Gold
Gold Silver Reports ~ The first week of the new year was an exceptionally volatile one with Crude Oil dropping to new 13-year lows as the oversupply worries continue to worsen. Precious Metals finally broke out of its month long trading range as rallied to $1100.0 whereas Silver largely remained in the same range.