Silver prices saw a notable increase on July 6, rising nearly 3% as the XAG/USD pair cleared the 50-day Simple Moving Average, which currently stands at $62.13. This upward move allowed silver to reclaim the $63.00 level, signaling renewed buying interest in the precious metal.
Despite this strong rally, silver encountered resistance near $63.28, the high recorded on the same day. According to FX Street, the metal struggled to break this key resistance point, suggesting cautious momentum among traders at this level.
For Japanese investors, this development in silver pricing comes amid ongoing volatility in global markets, where precious metals continue to attract attention as a potential hedge against currency fluctuations and inflationary pressures.