ProShares Ultra Silver (AGQ) surged 8.66% during intraday trading on Friday, reflecting a sharp rise in silver prices.

The rally comes amid escalating geopolitical tensions in the Middle East, which are fueling safe-haven demand for precious metals. Analysts note that silver futures have been climbing, with market participants closely watching U.S. military deployments in the region. This tense environment provides underlying support for silver.

Additionally, silver is seen entering a structural bull market due to physical supply-demand imbalances and its critical role in industrial applications. With global debt levels high and central banks potentially reassessing policies, silver's attractiveness as a hedge is increasing, contributing to the leveraged ETF's gains.