XAG/USD falls despite a weaker USD, pressured by geopolitical risks in Iran and failed attempts to breach $59.00 resistance.
Silver prices declined to $58.50 on Wednesday after failing to sustain gains above $59.00. The drop occurred despite a weaker US Dollar Index, as rising geopolitical tensions in Iran weighed on market sentiment.
Earlier attempts to break the $59.00 level were rejected, marking a key resistance point. The precious metal has struggled to capitalize on USD weakness amid broader risk aversion.
No immediate market reaction was specified, but the downturn reflects ongoing concerns over Middle East instability and its impact on commodity markets.