Silver Prices Surge on Declining Oil Costs Amid Fed Rate Hike

The price of silver (XAG/USD) rose to near $64.00 on Thursday as oil prices declined amid easing concerns over supply disruptions and inflation.

This move comes after reports that Saudi Arabia plans to restore roughly half the capacity of its East-West pipeline within days and return to full operation within six weeks.

The key pipeline, which offers an alternative export route bypassing the vulnerable Strait of Hormuz, was damaged in drone attacks last week.

However, the silver price may face ongoing headwinds as the US Federal Reserve raised interest rates by 25 basis points to a target range of 3.75% to 4.00%, signaling another hike before the end of the year.