One-month risk reversal (RR) of silver (XAG/USD) turns positive for the first time in four days on Wednesday, per data source Reuters. That said, the spread between call and put options prints +0.050 level at the latest.

Even so, the weekly print is still down the most since the period ended on December 03, with -0.650 numbers.

Looking at the prices, XAG/USD steps back from the intraday high but prints 0.34% daily gains around $23.10 heading into Wednesday’s European session.

The previous metal refreshed monthly high the previous day but closed negative amid risk-off mood. The latest pick-up in prices could be linked to the cautious optimism in the markets as Omicron woes battle receding fears of the virus during the holiday season.