Silver Steady, Market Awaits Certainty on Ceasefire Implementation
Silver prices edged higher in US trading on Thursday after retreating from Wednesday's peak of US$77.65. XAG/USD is now trading in the range of US$74.5–US$75 per troy ounce, reflecting a return to market caution amid uncertainty over the implementation of the US-Iran ceasefire.
Sentiment soured following allegations of deal violations and escalation in Lebanon, while the status of the Strait of Hormuz has again become a point of friction. The US and Israel have asserted that operations in Lebanon are not covered by the agreement, and President Donald Trump has warned of further action if the terms are not complied with—keeping the dollar relatively supported and curbing interest in the precious metal.
However, the diplomatic route is not closed. Tehran and Washington are scheduled to send delegations for direct negotiations in Pakistan later this week. In a market still headline-driven, silver's direction will be highly sensitive to evidence of ship traffic in Hormuz, dollar stability, and changes in interest rate expectations following the energy shock.
Source: Newsmaker.id