Silver prices reversed early losses Thursday, climbing back to near $64.10 during European trading hours as markets showed renewed optimism about the fragile US-Iran ceasefire holding despite this week’s military exchanges. The white metal found buying support from traders betting that April’s ceasefire agreement will survive recent hostilities between Washington and Tehran.
The recovery in XAG/USD comes as geopolitical tensions in the Middle East remain elevated following mutual attacks, though market participants are focusing on signs that both sides may avoid full escalation. Silver typically benefits from safe-haven demand during periods of geopolitical uncertainty, and Thursday’s price action reflects trader positioning around potential conflict scenarios.
The early European session buying suggests institutional players are monitoring ceasefire developments closely, with any breakdown likely to trigger further precious metals demand. Traders should watch for official statements from both governments regarding the ceasefire status.
FXnCO Insight
Monitor Middle East headlines closely today as any deterioration in US-Iran ceasefire conditions could push silver above $64.50, while confirmation of de-escalation may cap gains.
Source: FXStreet