Silver prices rebounded on Thursday (April 30th), recovering from a one-month low the previous day, after the oil rally stalled and US bond yields retreated from their peak. XAG/USD hovered around US$73 per ounce in recent trading, as the market assessed that energy inflation pressures would not worsen despite the ongoing US-Iran tensions and the Strait of Hormuz issue.

Calmer oil prices helped mitigate the upward pressure on yields, reducing the opportunity cost of holding non-yielding assets like silver. At the same time, the industrial demand narrative regained strength after reports from “AI hyperscalers” extended expectations for AI infrastructure spending—often linked to the need for supply chain support materials, including industrial metals like silver.

However, silver's recovery still faces macro factors that tend to limit upside. Strong US data and cautious policy signals reinforce the “higher for longer” view, so the market will remain sensitive to the combination of oil, yields, and major central bank communications in the coming days. (Arl)