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- Silver falls as escalating Middle East hostilities reinforce expectations of higher interest rates, lowering the non-yielding metal’s appeal.
- Closing the Strait of Hormuz raises energy prices and inflation, keeping Fed interest rates higher for longer.
- Iran’s failed missile strikes on Kuwait and Bahrain prompted US retaliatory attacks on Iran’s Qeshm Island.
Silver price (XAG/USD) depreciates after registering modest gains in the previous day, trading around $74.70 per troy ounce during the Asian hours on Wednesday. The non-yielding white metal loses ground following a fresh escalation of hostilities in the Middle East.
A prolonged closure of the Strait of Hormuz threatens to drive energy prices higher and intensify global inflationary pressures, reinforcing expectations that the Federal Reserve (Fed) will maintain elevated interest rates for an extended period.
This higher-for-longer outlook is heavily supported by a resilient US economy, highlighted by the ISM Manufacturing PMI climbing to 54 in May 2026, up from 52.7 in the prior two months and beating forecasts to mark the strongest factory expansion since May 2022.
Further evidence of economic strength appeared in the labor market, where April JOLTS data showed Job Openings surging to a nearly two-year high of 7.6118 million alongside declining layoffs. With robust manufacturing and employment data complicating the inflation outlook, investors are now anxiously awaiting Friday’s Nonfarm Payrolls report for definitive clues on the future trajectory of monetary policy.
Iran launched ballistic missiles toward neighboring Kuwait and Bahrain. The United States (US) military stated that the missiles failed to hit their targets, prompting American forces to conduct retaliatory strikes on Iran’s Qeshm Island. Compounding the market’s caution is the deep uncertainty surrounding US-Iran peace negotiations. While US President Donald Trump has maintained that discussions remain ongoing, state media reports out of Iran have cast significant doubt on the progress of the talks.
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