XAG/USD falls to $58.80 amid geopolitical risks in the Strait of Hormuz, reversing two days of gains.
Silver prices retreated below $59.00 per troy ounce, trading at $58.80 during Asian hours on Monday. The decline follows renewed military tensions in the Strait of Hormuz, which drove oil prices higher and sparked risk aversion among investors.
The drop reverses two consecutive days of gains for XAG/USD. Earlier sessions had seen modest upward momentum, but escalating geopolitical risks weighed on the white metal as traders shifted focus to safe-haven assets like gold and oil.
Market reaction remained muted in early trading, with silver tracking broader commodity movements amid uncertainty over Middle East stability.