Silver price retraces its recent gains, trading around $28.90 per troy ounce during the Asian hours on Thursday.
Silver price could advance further due to dovish sentiment surrounding the Fed’s policy outlook. The safe-haven Silver receivedsupport from the escalated geopolitical tensions in the Middle East. Iranian Supreme Leader Ali Khamenei has called for a direct retaliation against Israel following the assassination of Hamas leader. However, the price of the grey metal gained ground due to the dovish sentiment surrounding the Federal Reserve’s policy trajectory.
Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Which factors influence Silver prices? Silver prices can move due to a wide range of factors.
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