The ProShares Ultra Silver ETF (AGQ) surged 5.29% in pre-market trading on Friday, mirroring a sharp rebound in the underlying silver market.
The move follows a volatile period for precious metals, with spot silver staging a V-shaped recovery to rise above $70 per ounce after earlier steep declines. Analysts point to renewed geopolitical tensions, particularly warnings from Iran regarding U.S. military bases in the Middle East, as a factor supporting safe-haven demand for metals.
Concurrently, market commentary highlighted a broader precious metals recovery from recent lows, driven by buying at lower price levels. A bullish long-term outlook for silver, underpinned by fiat currency hedging demand and positive analyst price revisions, further contributed to the positive sentiment driving the ETF's pre-market gain.
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