Silver prices decline 3% to $58.03 per ounce in spot transactions

Silver prices in the spot market declined by 3% to $58.03 an ounce, influenced by escalating geopolitical tensions in the region. In recent weeks, there have been exchanges of missile and drone attacks between U.S. and Iranian forces, along with the closure of the Strait of Hormuz. These developments pushed oil prices up by about 4%, while the dollar strengthened, and most Asian stock markets declined amid growing fears of the conflict spreading in the Middle East. Currently, markets are focusing on important economic data, including the Consumer Price Index and US interest rate announcements, which will impact the trajectory of gold and silver.

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