Silver prices (XAG/USD) edged up by 0.4% to approach $60.22 during the European trading session on Friday, according to FX Street. The precious metal gained as the US Dollar remained under pressure in the market.
FX Street reported that the dollar’s weakness is linked to hopes that the renewed conflict between the United States and Iran will be short-lived, easing demand for the safe-haven currency. This sentiment helped boost silver, which often moves inversely to the dollar.
For Japanese investors, fluctuations in the US Dollar and precious metals like silver are closely watched due to their impact on FX positions and commodity-linked equities in the domestic market.