ProShares Ultra Silver (AGQ), an exchange-traded fund designed to deliver twice the daily performance of silver, soared 5.04% during intraday trading on Monday.
The sharp rise followed reports that the United States has agreed in negotiation texts to temporarily exempt Iran from oil sanctions during talks, a development that eased geopolitical tensions in the Middle East. This news triggered a broad market reaction, lifting precious metals including silver.
Earlier in the session, silver prices had been under pressure from a strong U.S. dollar and heightened expectations that the Federal Reserve will maintain high interest rates. The positive shift in U.S.-Iran negotiations prompted bargain hunting and a risk-on move, driving silver and related leveraged products higher.
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