Silver prices climbed above $33.10 per ounce on Monday, breaking a three-day losing streak, driven by increased safe-haven demand amid global geopolitical tensions and economic uncertainty in the United States.
Investors were monitoring US-led peace efforts in the Russia-Ukraine conflict while tensions in the Middle East intensified following Israeli airstrikes on a Gaza hospital that resulted in five casualties.
Additionally, silver gained support from a weakening US dollar, as markets grew concerned that President Trump’s tariff policies might slow economic growth and potentially lead the Federal Reserve to implement further interest rate cuts.
This monetary policy outlook would likely boost demand for precious metals like silver. Meanwhile, investors also kept an eye on China’s economic situation, where Premier Li Qiang called for countries to open their markets to address global instability.