Silver rose to around $85 per ounce on Friday after sliding for two straight sessions, but remained on track to end the week largely unchanged as the dollar strengthened amid Middle East uncertainties and surging oil prices. Defiant rhetoric from leaders in Tehran and Washington indicated that the Iran war remains far from de-escalation after nearly two weeks of fighting. Oil prices also jumped after Iran’s new supreme leader, Mojtaba Khamenei, pledged to keep the Strait of Hormuz effectively closed while Tehran intensified attacks on regional oil and transport facilities. Rising inflation risks prompted markets to push back expectations for the next Federal Reserve rate cut from July to September. Investors now await January’s PCE price index, the Fed’s preferred inflation gauge, for updated insights on price trends, though it will not reflect the impact of the Iran war.
