Silver Price Forecasts: XAG/USD holds below $59.00 despite US Dollar’s weakness

Silver (XAG/USD) ticks lower on Wednesday, trading at $58.50 at the time of writing, after rejection at the $59.00 area on Tuesday. The sour market sentiment amid rising hostilities in Iran continues to weigh on the precious metal, offsetting the positive impact of a weaker US Dollar Index (DXY).