Geopolitical instability, such as the escalating Middle East Conflict and surging oil prices, tends to increase demand for safe-haven assets like silver, potentially driving up its price.

Expectations around inflation and interest rates, influenced by upcoming US CPI, Core CPI, PCE data, and Q4 GDP estimates, are crucial. Higher inflation could boost silver's appeal as a hedge, while rising interest rates might make non-yielding assets less attractive.

Broader global commodity supply concerns, including those stemming from OPEC+ adjustments, contribute to market uncertainty. This can lead investors to seek the perceived stability of precious metals like silver.