- September silver futures opened at $65.90 per ounce, down 0.5% from Monday’s close, and fell to $65.12 by 9:11 a.m. ET.
- The expiration of the U.S.-Iran 60-day diplomatic agreement left negotiations stalled, alongside higher oil prices and U.S. Treasury yields.
- Silver remained up 18.6% from a month earlier and 73.6% from a year earlier despite Tuesday’s early decline.
- Higher oil prices raise inflation risk, while slowing consumer spending supports investment demand for silver during economic weakness.
Quotes
“Higher oil prices continue to pose an inflation risk, though recent economic data point to a slowdown in consumer spending.”
“Inflation risk is a headwind, while an economic decline could increase investment demand for the metal.”