Silver prices fell below $75 per ounce on Thursday (May 21), fueled by fading hopes for a US-Iran peace deal after reports that Iran's Supreme Leader, Ayatollah Mojtaba Khamenei, ordered the country's uranium to remain domestic. This directive contradicts Israeli officials' claims that Iran's high-enriched uranium must be removed as a condition for a peace deal.

Meanwhile, Iran reportedly accelerated the restoration of its military capacity faster than expected, raising concerns about a potential escalation of conflict in the Middle East. These concerns pushed oil prices back near four-year highs, adding to internasional inflationary pressures and raising expectations that central banks, including the Fed, may need to tighten monetary policy further.

The minutes of the Federal Reserve's last meeting showed that most officials were still considering an interest rate hike this year if inflation remained above its 2% target, confirming hawkish sentiment in the market.

Gold and silver prices are currently

Gold and silver prices are currently under pressure, while Brent oil is trading at $108.60 per barrel and WTI at $102.05 per barrel in the US session.

Variables to monitor: developments in US-Iran negotiations, mancanegara energy prices, inflation, and the Fed's next policy move. (arl)