Silver (XAG/USD) trades around $67.50 on Friday at the time of writing, up 0.21% on the day.
The white metal maintains a positive bias despite improving market sentiment driven by diplomatic progress between the United States (US) and Iran
Investors remain focused on discussions between Washington and Tehran after Iran’s IRNA news agency released the main terms of the memorandum of understanding currently under negotiation. According to the reported terms, no agreement has been reached at this stage regarding the nuclear file, while negotiations on the issue are set to continue within a 60-day period after signing. The text also includes no Iranian commitment regarding the transfer of management of the Strait of Hormuz.
Optimism surrounding the potential signing of the memorandum as early as Sunday in Geneva is helping ease geopolitical concerns that had supported safe-haven flows in recent weeks. However, the absence of a definitive agreement on nuclear matters is keeping a degree of caution in financial markets. Meanwhile, the US Dollar remains under pressure.