Silver (XAG/USD) extends its correction on Tuesday and trades around $65.05 at the time of writing, down 2.31% on the day.
The white metal retreats from the seven-week high reached at $66.59 on Monday as rising Oil prices and prospects of tighter monetary policy in the United States (US) weigh on precious metals
Oil prices have risen sharply since the beginning of the week as negotiations aimed at reopening the Strait of Hormuz remain uncertain. Iran is conditioning the reopening of this strategic maritime route on several demands from Washington, including the payment of war reparations and the lifting of sanctions. Some signs of easing tensions are nevertheless emerging.
Qatar says on Tuesday that negotiations between Oman and Iran have reached an advanced stage and that it has received positive feedback from both sides. Doha stresses, however, that the talks are at a critical juncture, maintaining uncertainty over the prospect of a swift agreement. This situation supports energy prices and revives concerns about US inflation.