- Silver price consolidates around a psychological level of $30.00 with a positive bias.
- Rising Middle-East tensions may provide support for the safe-haven Silver.
- The non-yielding grey metal receives support from rising expectations of a Fed rate cut in September.
Silver price (XAG/USD) hovers around $29.90 per troy ounce during the Asian session on Monday. The market sentiment is in favor of safe-haven assets following the rising geopolitical tensions in the Middle East.
Hamas has rejected new conditions proposed by Israel in ceasefire negotiations in Egypt, insisting that Israel adhere to the terms outlined by US President Joe Biden and the UN Security Council, according to reports from Al Jazeera.
After concluding a three-day trip to the Middle East, US Air Force General C.Q. Brown, chairman of the Joint Chiefs of Staff, told Reuters early Tuesday that concerns about an imminent broader conflict in the region have diminished following an exchange of fire between Israel and Lebanon's Hezbollah that did not escalate further.
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