Silver continues its rise on Wednesday, hitting a new all-time high amid persistent macroeconomic and geopolitical uncertainty that is boosting demand for safe-haven assets.

Price gains are supported by rising geopolitical tensions, primarily in Iran, where mass protests triggered by high inflation, the devaluation of the rial, and corruption scandals have escalated into a large-scale confrontation with the authorities. The harsh suppression of demonstrations, which human-rights organisations report has resulted in hundreds of deaths, has intensified risk aversion in global markets. US President Donald Trump's statements about possible military intervention in the event of further repression have only increased the uncertainty premium, thereby enhancing the appeal of defensive assets, including silver.

Investors are also seeking protection from domestic political-institutional risks in the United States. The criminal prosecution of Federal Reserve Chair Jerome Powell, stemming from charges over the use of funds for the Fed's headquarters reconstruction, has resonated in financial markets and called the Fed's independence into question. Powell has called the charges politically motivated, alleging that pressure is being exerted on the Fed's monetary policy decisions.

These events triggered a short-lived weakening of the US dollar as market participants feared a deterioration in the country's perceived financial stability and risks to its sovereign credit profile. However, the dollar later stabilised thanks to broad support for Powell from several major central banks, including the European Central Bank and the Bank of England. Nevertheless, the environment remains favourable for precious metals, especially given persistent expectations of a Fed rate cut.

The expected correction in real yields and structural pressure on the dollar continue to bolster silver's position as a safe-haven asset. In addition, limited physical supply and steady industrial demand provide further support for price growth, keeping investors optimistic and sustaining the metal's outlook.

From a technical standpoint, silver has nearly reached the round 92.00 level after setting a new historical high. Note, however, that daily-chart oscillators are in overbought territory, which suggests a small consolidation may occur.