Silver rises amid geopolitical tensions and safe-haven demand

Silver prices rose above $29.7 per ounce on Friday, bouncing back from near four-month lows, alongside a rise in gold prices as geopolitical and economic uncertainties boosted demand for safe-haven precious metals.

Silver rises amid geopolitical tensions and safe-haven demand

Reports indicated that US President Joe Biden was briefed on contingency plans to strike Iran’s nuclear facilities if Tehran made significant progress toward developing a nuclear bomb just weeks before Donald Trump's inauguration. Additionally, policy uncertainties surrounding the incoming Trump administration drove inflows into safer assets. Beijing's pledges for "more proactive" macroeconomic policies and lower interest rates helped stabilize market sentiment in China.

Weaker manufacturing data stirs concerns over China's metals demand

However, weaker-than-expected manufacturing data raised concerns about demand in the world's top metals consumer. The Caixin/S&P Global Manufacturing PMI fell to 50.5 in December from 51.5 in November, missing forecasts of 51.7.