Silver Price Bounces Back Amid US Dollar Pullback

The silver price has made a recovery on Friday, climbing above $58.50 as the US Dollar edges lower.

The white metal rose by 2.24% on the day, benefiting from a modest pullback in the US Dollar following its recent rally.

However, concerns over a fresh inflationary shock driven by higher Oil prices continue to support expectations of a more restrictive monetary policy from the Federal Reserve.

The escalation of Middle East tensions is sustaining demand for the US Dollar and capping the upside for precious metals like silver.