Spot Silver edged higher on Monday, but upside seemed capped by a firmer US Dollar and rising crude oil prices, as markets awaited US President Donald Trump’s decision on Iran proposal.
Trump said on Friday that he would soon decide on a proposed deal to extend the ceasefire with Iran.
Meanwhile, the US armed forces hit Iranian military sites over the weekend, while Iran’s Revolutionary Guards responded by targeting a US base.
The US Dollar Index rebounded from Friday’s 2-week low. A firmer dollar makes dollar-priced Silver less appealing to international investors holding other currencies.
Oil prices surged over 2% on Monday, keeping inflation concerns alive.
Elevated energy costs have added to global inflation expectations and kept central bank policy makers wary of adopting a more dovish stance.
Federal Reserve Vice Chair for Supervision Michelle Bowman said last week that the impact of the Middle East conflict on the economy could induce persistent inflation, while the US central bank might need to tighten monetary policy.
Spot Silver was last up 0.29% on the day to trade at $75.51 per troy ounce.
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