Silver climbed to around $89 per ounce on Tuesday after briefly dipping below $80 in the previous session, supported by the dollar’s retreat as hopes for a swift end to the Iran war reduced safe-haven demand for the greenback. US President Donald Trump said the US military operation in Iran is nearing its conclusion and running well ahead of the initial four- to five-week estimated timeframe. He also indicated plans to waive oil-related sanctions and have the US Navy escort tankers through the Strait of Hormuz to help keep oil prices in check. The dollar had previously rallied on safe-haven demand, outperforming precious metals, as the Middle East conflict and surging oil prices raised fears of prolonged economic disruption and resurgent inflation. Looking ahead, investors await key US inflation figures for further clues on price trends, though they are not expected to fully reflect the impact of the Iran war.
