Ongoing conflicts in the Middle East and the Russia-Ukraine war continue to support silver prices. Recently, Hamas rejected terms for a hostage release-ceasefire deal in Doha, escalating tensions further.
Meanwhile, Russia vowed retaliation after Ukraine’s cross-border attack on Kursk, marking a rare instance of foreign military action on Russian soil since World War II.
In Gaza, Israeli forces are advancing in central Deir el-Balah, pushing Palestinians into just 11% of the Gaza Strip. A Palestinian journalist was injured by Israeli forces during the ground invasion in Khan Younis.
U.S. Secretary of State Antony Blinken plans to meet with Israeli Prime Minister Benjamin Netanyahu amid disagreements over the Philadelphi Corridor, the border between Gaza and Egypt.
The conflict has resulted in over 40,000 deaths and 92,000 injuries in Gaza, while Hamas attacks on October 7 killed about 1,139 people in Israel and left over 200 captive.
The ongoing conflict in Gaza and rising tensions in the region are driving increased demand for safe-haven assets like silver. As geopolitical uncertainties escalate, investors often turn to precious metals, further boosting silver prices.