Silver Posts Fourth Consecutive Week of Gains!
Silver prices held steady around US$79 per ounce on Friday (April 17th), posting a fourth consecutive week of gains. This was accompanied by improving sentiment on the prospect of a permanent ceasefire agreement between the US and Iran, which is considered to ease inflation concerns and the risk of further central bank interest rate hikes.
US President Donald Trump stated that Tehran had agreed to several terms, including abandoning its nuclear weapons ambitions, supplying "free oil," and reopening the Strait of Hormuz. However, this statement has not been verified by Iranian officials, while the Strait of Hormuz is still described as effectively closed under a double blockade.
On the energy front, IMF Executive Director Fatih Birol warned that restoring a significant portion of disrupted oil and gas production could take up to two years. However, oil prices have corrected sharply amid growing optimism over a potential Iran deal, which in turn has curbed inflationary pressures and eased expectations of further monetary tightening.
Against this backdrop, silver is expected to rise around 4% this week and is nearly 30% above its March low. Going forward, silver's direction is likely to follow changes in interest rate expectations and energy dynamics, with the market weighing the credibility of claims regarding US-Iran negotiations and developments in the Strait of Hormuz. (asd)
Source: Newsmaker.id
