07.08.202614:13:10UTC+00Silver Rises to 7-Week High

Silver prices climbed above $63.50 per ounce on Friday, a seven-week high, as markets scaled back expectations that the Federal Reserve will raise interest rates this year. Fresh labor market data showed an unexpected decline in payrolls, reducing the Fed’s scope for further tightening to counter inflationary pressures. At the same time, fuel and natural gas prices largely preserved their August pullback, as the US administration pursued an agreement with Iran aimed at restoring energy exports through the Persian Gulf. The diminished likelihood of rate hikes pushed yields lower and supported precious metals.

Industrial demand further underpinned silver, with Chinese imports of silver-bearing ores jumping 62.5% year-on-year in June to 219,000 tonnes. This increase aligns with rising output in solar panel manufacturing and electricity grid infrastructure. Nonetheless, persistent risks of renewed energy price spikes kept silver trading not far from the seven-month low of $55 per ounce, recorded on July 16.