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Silver Price Forecast: XAG/USD gains momentum above $36.00 on risk-off sentiment

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Silver Price Forecast: XAG/USD gains momentum above $36.00 on risk-off sentiment

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New update 2025.06.23 13:08
Silver Price Forecast: XAG/USD gains momentum above $36.00 on risk-off sentiment

update 2025.06.23 13:08

  • Silver price gains ground to around $36.10 in Monday's early Asian session. 
  • US attacked Iran over the weekend, boosting the white metal.
  • The preliminary US S&P Global PMI for June is due later on Monday.

The Silver price (XAG/USD) edges higher to near $36.10, snapping the three-day losing streak during the Asian trading hours on Monday. The white metal attracts some buyers amid the rising tensions in the Middle East after the US bombed Iran's nuclear sites. 

The United States carried out airstrikes on three nuclear sites in Iran early Sunday despite US President Donald Trump's longtime promises to avoid new foreign conflicts. Iran has vowed to respond, saying it "reserves all options," while Trump said that any Iranian retaliation against the United States "will be met with a force far greater than what was witnessed tonight." Any signs of escalation could increase demand for safe-haven assets, such as Silver.

Federal Reserve (Fed) Governor Christopher Waller said on Friday that the Fed is in a position to cut the policy rate as early as July. The dovish remarks from Federal Reserve (Fed) officials provide some support for the white metal. Lower interest rates make silver cheaper for foreign buyers, increasing global demand.

On the other hand, renewed US Dollar (USD) demand might cap the upside of Silver. Investors await the preliminary reading of the US S&P Global PMI for June. If the US economic data came in stronger than expected, this could underpin the Greenback in the near term.

WTI Oil FAQs

WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as "light" and "sweet" because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered "The Pipeline Crossroads of the World". It is a benchmark for the Oil market and WTI price is frequently quoted in the media.

Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API's report is published every Tuesday and EIA's the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

Date

Created

 : 2025.06.23

Update

Last updated

 : 2025.06.23

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