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Silver holds above $62 as easing inflation fears lift XAG/USD
Silver is up for a fourth straight day near $62.20 per troy ounce, supported by lower oil prices after Iran and Oman agreed a temporary shipping route through the Strait of Hormuz.
Silver prices stayed firm for a fourth consecutive day, trading around $62.20 per troy ounce in Thursday’s Asian session, according to FXStreet.
The outlet linked the strength in XAG/USD to easing broader inflation concerns, after news that Iran and Oman reached an agreement on a temporary shipping route through the Strait of Hormuz. The proposed route is expected to run for two to four months, and Tehran said it does not amount to a full reopening of the strait.
FXStreet also cited TD Securities’ view that recent oil-market moves appear driven more by positioning than by a major change in underlying supply and demand. Strategists pointed to stronger timespreads as evidence that speculative flows are reacting to headlines rather than fundamentals shifting, while physical signals still suggest the crude market remains fundamentally tight.
On the US side, FXStreet noted that ADP data showed private-sector employment growth slowed to 44,000 jobs in July from 98,000 in June, and traders are now watching Initial Jobless Claims and Friday’s Nonfarm Payrolls. The newsletter also referenced Fed Governor Cook’s comments, described as emphasizing that inflation risks outweigh job-market strength while keeping rate hikes conditional on disinflation continuing.
Latest closeSilver $62.32 ▲3.8%|WTI crude $75.12 ▼0.9%