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Silver jumps toward $58.20 as oil rally stalls after US-Iran hopes

XAG/USD was up more than 3% to around $58.20 even as WTI slipped, with traders citing expectations for renewed US-Iran diplomatic talks.

Reported · Written up by our desk · Major Pairs

Silver prices rose more than 3% to near $58.20 in early European trading, with XAG/USD gaining momentum as the recent oil rally paused, FXStreet reported.

The move comes amid renewed hopes for US-Iran de escalation after Tehran confirmed receiving a proposal for a 10 day cessation of strikes, helping revive expectations of negotiations.

While oil was cited as cooling from its momentum, WTI was trading about 0.45% lower near $81.90 after posting a fresh monthly high of $84.42 on Monday, a shift that could ease pressure on inflation expectations.

Technically, the story noted silver is holding above around $58.12 but still below the 20 period EMA near $59.65, suggesting near term rallies may remain capped, with the July 17 low at $54.77 flagged as key support.

Latest closeSilver $61.56 ▼0.9%|WTI crude $78.07 ▲3.8%

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