SILVER PRICE FORECAST: XAG/USD APPRECIATES TO NEAR $28.00 DUE TO SAFE-HAVEN FLOWS
- Silver prices edge higher as tensions in the Middle East drive traders to seek safe-haven assets.
- The Israel Defense Forces intercepted approximately 30 "projectiles" crossing from Lebanon early Monday.
- The diminished odds of a 50-basis point rate cut by the Fed in September may weaken non-yielding assets like Silver.
Silver price (XAG/USD) rises to near $28.00 per troy ounce during the European session on Monday. The rising geopolitical tensions in the Middle East contribute support for the safe-haven metals like Silver.
Israel Defense Forces (IDF) intercepted around 30 "projectiles" crossing from Lebanon into northern Israel early Monday. The IDF stated that some projectiles landed in open areas, and no injuries were reported, as reported by ABC News.
Additionally, Reuters cited Gaza Civil Emergency Service on Saturday, the Israeli incursion into Gaza escalated with an airstrike targeting a school compound, leading to at least 90 fatalities. However, Israel has contested this casualty figure, labeling it as exaggerated. Meanwhile, Hamas has expressed uncertainty about engaging in new ceasefire negotiations on Sunday.
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