Silver price (XAG/USD) hovers around $30.40 per troy ounce during the Asian trading hours on Tuesday, following a nearly 3% drop in the previous session.
Silver prices fell by nearly 3% on Monday following reports that Israel and Hezbollah are reaching a ceasefire agreement. President-elect Donald Trump plans to impose tariffs on imports from Mexico, Canada and China. The non-yielding Silver struggled due to bond market optimism following the selection of Scott Bessent as the US Treasury Secretary. Silver price hovers around $30.40 per troy ounce during the Asian trading hours on Tuesday, following a nearly 3% drop in the previous session.
It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets.
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