Silver prices rose in the European market on Monday, moving towards a two-week high, based on the slowdown in the US dollar against a basket of global currencies.
Iranian officials have received a Pakistani proposal that includes a short-term ceasefire in order to engage in intensive negotiations with the United States to reach a final agreement that ends the war and military escalation in the Middle East region.
Price overview
Silver prices today: Silver prices rose by 0.8% to ($73.57), from the opening level of trading at ($73.00), and recorded a low level at ($71.14).
At the close of trading on Thursday, silver prices fell 2.75%, marking their second consecutive daily loss, as profit-taking and corrections continued from a two-week high of $76.13 an ounce.
The white metal silver gained 4.6% last week, its second consecutive weekly gain.
US dollar
The dollar index fell 0.4% on Monday, on track for its first loss in three sessions, reflecting a decline in the US currency against a basket of major and minor currencies.
Apart from renewed profit-taking activity, the US dollar is declining amid growing hopes that the Iranian war is nearing its end, especially as Iran considers a Pakistani proposal to halt military escalation.
Developments in the Iranian war
A senior Iranian official: Tehran has received Pakistan's proposal, and it is being reviewed.
Iranian Foreign Ministry spokesman: Tehran has prepared its diplomatic response to the United States and will announce it in due course.
Trump vows that Iran will live in hell by Tuesday if the deadline for opening the Strait of Hormuz is not met.
Axios: Iranian mediators are making a last-ditch effort to secure a 45-day ceasefire.
Axios: Sources report that the chances of reaching a partial agreement within the next 48 hours are slim.
