Silver Price Slips Amid Fed Hike Fears and Oil Surge

The silver price has pulled back to near $66.00 on fears of a potential Federal Reserve rate hike, as well as a surge in oil prices.

The ongoing uncertainty surrounding a deal between the US and Iran has driven up crude oil prices, which in turn have pushed Treasury yields higher.

This has led investors to closely watch upcoming inflation data this week, with market-implied odds of a 25-basis-point Fed rate hike in September climbing above 51%, up from 44.4% just a day prior.

Despite these headwinds, the silver price still benefits from strong industrial demand, particularly in solar panel production and electrical grid upgrades.