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Silver rises as oil rebounds amid renewed US-Iran tensions
XAG/USD was up 1.1% near $57.80, while WTI rebounded 3.7% to around $81.20 after CENTCOM said it intercepted all Iranian ballistic missiles.
Silver prices gained during Asian trading on Wednesday, with XAG/USD up 1.1% to near $57.80 even as the broader move reflected a sharp rebound in oil.
FXStreet linked the metal's uptick to renewed US-Iran tensions, citing US Central Command statements that it intercepted Iranian ballistic missiles and later carried out precision strikes in Iraq targeting Iran-backed groups, as well as plans affecting US forces and Saudi oil facilities.
The report also tied silver's recent underperformance to a macro tradeoff, saying higher oil prices can lift inflation expectations and push central banks toward higher or steady rates, which is generally less favorable for non-yielding assets like silver.
Ahead of the Federal Reserve decision at 18:00 GMT, the piece said traders using the CME FedWatch tool assign a 69.5% chance the Fed will keep rates unchanged at 3.50% to 3.75%, and it noted silver remains capped below its 20-day EMA near $58.93, with the July 17 low at $54.77 highlighted as a key support level.
Latest closeSilver $59.48 ▼0.7%