Silver price advances for the third consecutive session, trading higher to near $28.00 per ounce during the early European hours on Tuesday.
Silver price follows the rally in gold as global central banks increase their reserves. The price of Silver has advanced to its highest level since June 2021. The eased geopolitical situation in the Middle East could have limited the advance of Silver price. This surge in Silver price mirrors the rally in gold, driven by heightened consumer and industrial demand. Global central banks increasing their reserves in gold have also contributed to the increased appetite for precious metals.
However, Silver price could have faced downward pressure as geopolitical tensions have eased in the Middle East, following the withdrawal of most Israel Defense Forces from southern Gaza, possibly due to growing international pressure, has contributed to easing tensions.
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