Silver Rebounds, Market Remains Wary of Hormuz

Silver strengthened on Wednesday (April 22nd), attempting to recover from earlier weakness as markets reassessed Middle East geopolitical risks despite the US extending its ceasefire with Iran.

XAG/USD was last trading around US$77.9 per ounce (around +1.6% from the previous close), helped by a mildly strong dollar, but its gains remained restrained by the ongoing blockade of Iranian ports and the lack of a full-throttled Strait of Hormuz tensions. Meanwhile, oil rebounded after a correction, keeping inflation concerns alive and limiting the scope for interest rate easing—a condition that typically weighs on non-yielding assets like silver.

On the policy front, Kevin Warsh's comments on the need for a new inflation framework at the Fed reinforced the perception that the central bank will be cautious in lowering interest rates. The dollar index (DXY) hovered around 98.09, providing a cushion for silver, but its future direction remains sensitive to Hormuz headlines and interest rate expectations. (Arl)

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