XAG/USD climbs to $62.20 as easing inflation fears boost demand for non-yielding assets amid reduced oil market tensions.
Silver prices rose for a fourth straight session, trading at $62.20 per troy ounce in Asian hours. The gain follows a partial reopening of the Strait of Hormuz, which pushed oil prices lower and eased inflation concerns, supporting demand for non-yielding metals.
The temporary shipping agreement between Iran and Oman aims to increase Middle Eastern energy flows for two to four months. However, Tehran clarified the deal does not fully reopen the strait. Oil timespreads suggest speculative positioning, rather than fundamental shifts, drove recent price moves.
TD Securities noted that while headlines influenced markets, physical crude flows remain tight, indicating underlying supply-demand resilience.