Silver rose above $81 per ounce on Tuesday, gaining support this week as the dollar and Treasury yields eased on lower oil prices, which helped temper inflation concerns. Oil retreated at the start of the week following the safe passage of several tankers through the Strait of Hormuz. US Treasury Secretary Scott Bessent said the US is allowing Iran to continue shipping crude via Hormuz, while President Donald Trump is seeking support from other countries to safeguard commercial activity in the waterway. Investors are also anticipating a likely rate hold from the US Federal Reserve this week as policymakers navigate uncertainties stemming from the Iran war. Silver’s gains are further underpinned by a projected 67 million-ounce supply deficit for 2026 and strong industrial demand from the electronics sector.
