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SILVER PRICE FORECAST: XAG/USD RISES ABOVE $34.00 DUE TO SAFE-HAVEN FLOWS

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  • Silver price receives support from the safe-haven flows amid rising geopolitical tensions.
  • Israel has targeted sites linked to Hezbollah's financial operations in Beirut, heightening concerns about an escalating conflict.
  • With the US election just two weeks away, demand for safe-haven silver is on the rise.

Silver price (XAG/USD) continues its winning streak for the sixth consecutive day, trading around $34.10 per troy ounce during the Asian session on Tuesday. The demand for safe-haven Silver is increasing amid rising tensions, as Israel has targeted sites associated with Hezbollah's financial operations in Beirut, raising fears of escalating conflict.

Israel's potential retaliatory actions against Iran are also back in focus following an Iranian drone breach that detonated near Prime Minister Benjamin Netanyahu's residence. Additionally, Israeli military forces intensified their operations on Monday, surrounding hospitals and shelters for displaced individuals in the northern Gaza Strip, which has hindered the delivery of essential aid to civilians, according to Reuters.

US Secretary of State Antony Blinken arrives in Israel on Tuesday as the first stop on a broader Middle East tour aimed at revitalizing ceasefire talks in Gaza and discussing the region's future following the death of Hamas leader Yahya Sinwar.

As the tight US election approaches in just two weeks, demand for safe-haven Silver continues to rise. On Monday, Democratic presidential candidate Kamala Harris and her Republican rival, Donald Trump, presented starkly different messages on the campaign trail as they sought to win over undecided voters ahead of Election Day.


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