Silver prices (XAG/USD) climbed over 1% to approach $59 during Thursday's European trading session, driven by selling pressure on the US Dollar. According to FX Street, the decline in the USD has supported the precious metal's gains as investors seek alternative assets.
The US Dollar's weakness often leads to higher silver prices, as the metal becomes more attractive for holders of other currencies. This dynamic was evident on Thursday, with silver edging closer to the $59 mark amid the currency's downturn.
For Japanese investors, movements in silver and the US Dollar remain closely watched due to their impact on export competitiveness and commodity-linked assets within the region.