Spot Silver held not far from a 13-year high of $36.88 on Monday, as escalating conflict between Israel and Iran over the weekend fueled concerns over a broader regional confrontation, while supporting safe-haven demand.
Israel and Iran launched new strikes on Sunday, which led to civilian injuries and deaths, with both militaries urging civilians on the opposing side to take precautions against more attacks.
The white metal also remains underpinned by robust industrial demand and persistent supply deficit. Silver is facing its fifth successive year of a structural market deficit, according to the Silver Institute industry association.
The metal plays a crucial role in solar energy, electronics and broader electrification efforts.
Market players will also be focusing on the outcome of the Federal Reserve’s two-day policy meeting this week, at which the central bank is expected to keep interest rates on hold.
Markets are now pricing in about 50 basis points of rate cuts by the Federal Reserve by year-end.
Spot Silver was last up 0.10% on the day to trade at $36.34 per troy ounce.
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