Silver Rises Sharply, Peaceful Sentiment Eases Inflation

Silver prices continued their rally in the US session on Friday (April 17), trading around US$82 per troy ounce after Iran declared the Strait of Hormuz “fully open” to commercial traffic during the 10-day Israel-Lebanon ceasefire, with shipping routes still required to follow “coordinated” routes established by Iranian authorities.

The announcement triggered a sharp correction in energy—Brent and WTI both fell around 11%—which temporarily eased inflationary pressures from supply shocks and helped lower yields and weaken the dollar. Such an environment tends to support precious metals, including silver, because the opportunity cost of holding non-yielding assets decreases when yields weaken.

However, geopolitical risks have not completely disappeared. The US has insisted the blockade on Iran remains in place amid ongoing negotiations, so the market remains sensitive to headlines regarding implementation in Hormuz and the continuation of diplomacy. The next focus will be on evidence of a real recovery in shipping flows and the direction of energy prices after today's sharp decline. (Arl)

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