Spot Silver was on course for a second consecutive weekly loss, weighed down by a stronger US Dollar and reduced expectations of interest rate cuts by the Federal Reserve.
The US Dollar Index held near a four-month high of 100.298. A firmer dollar makes dollar-priced Silver less appealing to international investors holding other currencies.
Oil prices soared markedly following reports that two international oil tankers had been struck near Iraq – an escalation in Iranian attacks that have cut off Middle East energy supplies.
Iran’s new supreme leader, Mojtaba Khamenei, warned in his first public address that all US military facilities in the region must be shut immediately or face attacks. He also stated that operations against US bases in the area would go on, even as Iran maintains its belief in goodwill with its neighbors.
Rising energy prices are increasing inflationary risks and could complicate the Federal Reserve’s policy outlook, adding to expectations that the central bank may delay rate cuts.
The upcoming US PCE inflation figures are expected to be pivotal for shaping views on the Fed’s future policy stance against a backdrop of mounting anxiety over war-driven price pressures.
Spot Silver was last down 0.74% on the day to trade at $83.25 per troy ounce.
The white metal was set for a 1.72% weekly loss.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
