Silver prices extend gains to $61.00 as the US Dollar index faces selling pressure, providing a tailwind for the metal ahead of the US market session.
Silver prices are experiencing a rebound, climbing from an intraday low of $60.30 to trade near the $61.00 level. This upward momentum is primarily driven by a weakening US Dollar, which typically increases the appeal of dollar-denominated commodities like silver ahead of the US market open.
Silver is currently trading near $61.00, having recovered from an earlier low of $60.30.
The primary driver is the weakening of the US Dollar ahead of the US market open.
US Dollar comes under pressure, supporting silver's recovery.
Silver (XAG/USD) maintains its upward momentum, climbing from an early European session low of $60.30 to trade near $61.00. The precious metal is benefiting from a softening US Dollar as traders position themselves ahead of the opening bell for US equity markets.
The recovery in silver is primarily driven by a weakening US Dollar, which makes dollar-denominated assets like silver more attractive to international buyers.