Spot silver prices continued to rise in Asian trading on Wednesday, approaching $59.30 per ounce, marking their fourth consecutive day of gains. Despite increased market expectations for future Federal Reserve rate hikes, silver remained supported by strong capital inflows, indicating that current market demand for safe-haven assets is outweighing the pressure from the high-interest-rate environment. The recent rise in silver prices has been primarily driven by changes in global risk sentiment. With ongoing geopolitical tensions, some institutional investors may reduce their allocations to risky assets such as stocks and shift funds towards physical safe-haven assets like gold and silver. Compared to gold, silver possesses both precious metal and industrial attributes, making its price more volatile as market risk appetite shifts and supply expectations adjust. The inflow of safe-haven funds has been a significant factor driving silver's short-term strength, as the market reassesses the allocation value of precious metal assets . However, as a non-interest-bearing asset, silver still faces potential pressure from rising interest rates. With the escalating situation in the Middle East and rising international oil prices, renewed concerns about future inflationary pressures may prompt the Federal Reserve to maintain a more cautious monetary policy stance, thus limiting silver's upside potential. Currently, the tense relationship between the US and Iran remains a crucial factor influencing the market. US President Donald Trump stated that the likelihood of immediate negotiations between the two sides is low, while warning that the US will take retaliatory measures if the Houthi rebels in Yemen disrupt shipping in the Red Sea. Meanwhile, Iran has stated that if the US attacks related facilities, it will expand its operations and take measures against US and allied targets in the region. Escalating risks in the Middle East are not only increasing volatility in the energy market but also boosting investor demand for precious metals as a safe haven . However, rising energy prices could further fuel global inflation expectations, putting greater policy pressure on major central banks. Regarding monetary policy, Federal Reserve Chairman Kevin Warsh has repeatedly emphasized that inflation remains a key concern for central banks. Several other Fed officials have recently expressed similar views, indicating that policymakers remain concerned about the risk of recurring inflation. Currently, the Fed is in its customary quiet period before the next Federal Open Market Committee (FOMC) meeting, and the market widely expects the federal funds rate to remain unchanged at the July meeting. However, investors have not completely relaxed their expectations for future policy tightening. The market currently estimates a greater than 71% probability of a 25 basis point rate hike at the September meeting. This high expectation of a rate hike means that further gains in silver will still face pressure from real interest rates and the dollar's performance . Furthermore, changes in the dollar index and US Treasury yields will remain important factors influencing silver prices. If the dollar weakens and real yields decline, silver may continue to receive funding support; however, if inflation concerns prompt the Fed to release a more hawkish signal, silver's upward momentum may be limited. Overall, silver is currently in a market environment characterized by both increased safe-haven demand and interest rate pressures, and its short-term trend is likely to remain highly volatile. From a daily chart perspective, spot silver has been rising continuously recently, breaking through multiple resistance levels and currently approaching the $60 mark. The moving average system remains upward, indicating a clear bullish trend. The MACD indicator remains in a strong zone, showing continued upward momentum, but there is a risk of profit-taking after the recent rise. The upper resistance level to watch is around $60.00; a successful break above this level could lead to a further test of the $61.50 area. The lower support levels to watch are first $58.00, then $56.50 and $55.00. Overall, the daily trend is bullish, but the $60 area may become a key battleground for bulls and bears in the short term. From a 4-hour chart perspective, silver prices maintain an upward oscillating structure, with short-term moving averages continuing to rise and buying power remaining active. The RSI indicator is in a strong zone, indicating good short-term momentum, but also suggesting that a technical correction should be anticipated after prices approach high levels. If the price stabilizes above $59, there is still a chance to challenge the resistance at $60 and higher in the short term; if it falls below $58, it may enter a phase of correction. Currently, the 4-hour chart shows that the bulls are in control, but the market is quite sensitive to changes in expectations regarding the Federal Reserve's policy. Editor's Summary: The recent rise in silver prices has been primarily driven by geopolitical risks, safe-haven inflows, and declining market risk appetite. The continuous rise reflects increased investor demand for precious metal assets. However, inflationary pressures from high oil prices and expectations of future Fed rate hikes may still exert downward pressure on silver. Future silver price movements will focus on three key areas: changes in global risk events, the performance of the US dollar and US Treasury yields, and Fed policy signals. If risk aversion continues to intensify while the US dollar weakens, silver may further break through the $60 mark; however, if inflationary pressures force the market to raise interest rate expectations again, the pace of silver's rise may slow. The current market is in a phase of intertwined factors, and short-term volatility risks still require close monitoring.