Silver Reaches 8-Week High
Silver climbs to $66.60 an ounce, its highest level in eight weeks
60 an ounce on Wednesday, reaching its highest level in eight weeks, as US inflation data broadly matched expectations and reduced concerns about an imminent Federal Reserve rate hike. 5% year-on-year in July, supporting expectations that the Fed may maintain a more cautious approach to monetary policy. Meanwhile, investors continued to monitor developments around the Strait of Hormuz, with Pakistan’s defense minister saying the US and Iran were “close to some sort of arrangement” to reopen the key waterway. President Donald Trump, however, claimed the US had “total control” over the strait, highlighting continued uncertainty.
Beyond monetary policy and geopolitical risks, silver continued to benefit from robust industrial demand, particularly from expanding solar-panel manufacturing and electricity-grid investment. 5% year-on-year in June to 219,000 tonnes.