Silver moves higher as dollar slows down

Silver prices rose in European trading on Monday, moving upward toward a two-week high, supported by the slowdown in the US dollar against a basket of global currencies.

Officials in Iran received a proposal from Pakistan involving a short-term ceasefire to engage in intensive negotiations with the United States to reach a final agreement to end the war and military escalation in the Middle East.

Price Overview

Silver prices today: silver rose 0.8% to $73.57, up from the session opening level of $73.00, after hitting a low of $71.14.

At Thursday’s settlement, silver prices lost 2.75%, marking the second consecutive daily loss as corrections and profit-taking continued from a two-week high of $76.13 per ounce.

The white metal gained 4.6% last week, marking its second consecutive weekly gain.

US dollar

The dollar index fell 0.4% on Monday, on track for its first loss in three sessions, reflecting a decline in the US currency against a basket of major and minor currencies.

In addition to renewed profit-taking, the US dollar is declining amid growing hopes for an end to the Iran war, especially as Iran studies the Pakistani proposal to halt the military escalation.

Iran war updates

• Senior Iranian official: Tehran has received the Pakistani proposal and it is currently being reviewed.

• Iranian Foreign Ministry spokesperson: Tehran has prepared its diplomatic response to the United States and will announce it at the appropriate time.

• Trump vows that Iran will face "hell" by Tuesday if the deadline to open the Strait of Hormuz is not met.

• Axios: Iranian mediators are making last-ditch efforts to reach a 45-day ceasefire.

• Axios: Sources report that the chances of reaching a partial agreement within the next 48 hours are slim.