• Silver price receives support from safe-haven flows amid rising geopolitical tensions.
• China's PLA initiated drills in the Taiwan Strait and around Taiwan on Monday.
• The non-yielding Silver gains support from growing expectations of the Fed slowing the pace of interest rate cuts.

Silver price (XAG/USD) extends its winning streak for the third consecutive day, trading around $31.30 per troy ounce during the Asian session on Monday. Silver price receives support from the safe-haven flows amid rising geopolitical tensions.

On Sunday, Hezbollah claimed responsibility for the drone attack in north-central Israel, killing at least four Israeli soldiers and over 60 people were injured, according to CNN. The number of injuries makes the attack one of the bloodiest on Israel since the war started last October.

China's military initiated drills in the Taiwan Strait and around Taiwan on Monday. A spokesperson for the US Department of State expressed serious concern regarding the People's Liberation Army's (PLA) military actions. In response, Taiwan's Defense Ministry stated, “We will not escalate conflict in our response.”

Non-yielding assets like Silver may have received support from rising expectations that the Federal Reserve (Fed) will slow the pace of interest rate cuts more than previously anticipated. Last week, data showed that US producer prices remained steady in September, alongside a surge in jobless claims, which challenged the perception of the US labor market's resilience to restrictive interest rates.