Silver Moves Sideways, “Higher for Longer” Risks Strengthen

Silver prices were relatively stable on Tuesday (April 7) after two sessions of decline, with XAG/USD last trading around US$72.8–US$72.9 per troy ounce.

Market participants weighed US President Donald Trump's threat to target Iran's civilian infrastructure—including power plants and bridges—if conditions were not met by 8:00 PM ET on Tuesday, including the reopening of the Strait of Hormuz. This issue has limited room for recovery, despite diplomatic signals regarding a potential mediator in the conflict.

From a fundamental perspective, surging energy prices during a war increase inflation risks and reinforce the scenario of prolonged high interest rates. This channel typically puts pressure on non-yielding metals like silver, as the opportunity cost of holding non-yielding assets increases when yields remain high. The market is now awaiting further signals from the Fed, particularly the release of the FOMC minutes and inflation data, to assess whether energy price pressures will delay further policy easing.

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