Silver drops near $33.50 despite rising safe-haven demand
Silver (XAG/USD) extended its decline for the second straight day, trading around $33.60 during Asian hours on Thursday. However, the decline in Silver prices was contained amid rising safe-haven demand amid uncertainty surrounding the US elections and geopolitical risks.
Former President Donald Trump has gained support among Hispanic men ahead of the November 5 US presidential election, where he will face Democratic candidate Kamala Harris. According to a Reuters/Ipsos poll analysis, Trump now trails Harris by just 2%, with 44% support compared to 46%.
Meanwhile, Harris has seen increased support among white women. In late 2020, white women favored Trump over Biden by 12%, but they are now leaning toward the Republican by a 3% margin. The race between the two candidates is very tight, with Harris leading by a narrow 46% to 43% in the latest poll conducted from October 16 to 21.
Silver prices are likely to rise on safe-haven demand as traders continue to monitor rising geopolitical tensions in the Middle East. This comes after Israel's military chief warned of a "very strong" strike against Iran if missile attacks continue. Lebanese Prime Minister Najib Mikati said on Wednesday that US envoy Amos Hochstein had indicated a possible ceasefire in the Israel-Hezbollah conflict could be reached before the US election on November 5.
Source: FXStreet