Silver prices rose by 3% as the European market opened today, to head for the first gain in 3 days, while rebounding from a 3-week low, on investors risk aversion due to the tensions in the Middle East, after sabotage attacks on 2 Saudi oil facilities.
Silver rose by 3.2% to $17.99 an ounce, as it closed on Friday at $17.43, with a low of $17.61.
On Friday, silver shed 0.7%, its second straight loss and hit a 3-week low of $17.39, on a slowdown in haven demand.
During last week, silver shed 1.2%, its second weekly loss and the longest weekly loss streak since last February.
Tensions in the Middle East escalated, after a sabotage attacks by drones on 2 Aramco oil facilities, which led to the stoppage of 5% of the Saudi supply production.
The Yemeni al-Houthi group which is backed by Iran claimed responsibility for the attacks, and the US accused Iran of being behind the attacks, while Iran rejected its responsibility and said that the US accusations are unacceptable and invalid.