Silver Claws Back Near $58 as Hormuz Oil Shock Keeps Traders on Edge
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Silver claws back near $58 as Hormuz oil shock keeps traders on edge
Silver is trying to steady after three days of losses, but the backdrop has turned more difficult. The metal edged higher near $58 an ounce on Thursday as bargain hunters returned, yet renewed US-Iran tensions are keeping traders cautious. The concern is not only the risk of another Middle East shock. It is that higher oil prices could feed inflation, support the dollar and keep the Federal Reserve from turning less restrictive. For silver, that…
Hopes for Peace in the Strait of Hormuz Have Collapsed: Silver Has Melted Away in the Circle of War.
The US-Iran conflict in the Strait of Hormuz, which caused oil prices to skyrocket, also affected silver in global markets. Under selling pressure, the price of silver per ounce fell to $57, while in Turkey, the price of silver per gram, which was around 90 lira yesterday, dropped to 87 lira.
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