Silver Prices Hold Firm Ahead of Key Data Releases

Silver prices are holding firm above $69 ahead of key economic data releases.

A potential resolution to the Strait of Hormuz crisis, a critical chokepoint for global energy supplies, has boosted silver prices by almost 1% in Asian trading on Wednesday.

Iran and Oman have resumed talks to establish a temporary joint maritime corridor for safe navigation, easing fears of a prolonged energy supply disruption that could have fueled inflation expectations and interest rate hikes.

The US Personal Consumption Expenditure Price Index (PCE) data release at 12:30 GMT will be closely watched, with economists expecting core PCE inflation to remain steady at 3.3% Year-on-Year (YoY).