Silver Prices Slip Back from Seven-Week High Amid Profit-Taking
Silver prices retreated on Tuesday, slipping toward $64 an ounce as investors took profits following a strong rally. The metal had earlier climbed to a seven-week high, mirroring gains in gold due to increased investment demand for precious metals.
The solid industrial consumption of silver, particularly from expanding solar panel manufacturing and electricity grid development, also kept the metal supported. Chinese imports of silver-bearing ores jumped 62.5% year-on-year in June to 219,000 tonnes, a significant boost to global demand.
Market uncertainty remains over a potential US-Iran agreement to end the war and reopen the Strait of Hormuz, which could impact inflation and interest rates. Investors are also awaiting key US inflation data this week for fresh signals on the Federal Reserve's policy outlook.