Commodities
Silver Rallies as Oil Markets Pull Back
Silver prices rose 2.9% to $67.64 per troy ounce on Friday, as oil markets pulled back from earlier highs.
The correction in oil prices provided temporary relief from inflation and rate anxieties that had weighed on sentiment earlier in the week.
The catalyst for the silver rally came from reports that Saudi Arabia is considering additional options for energy exports, including restoring the East-West pipeline.
This led to a reduction in yield pressure on US Treasuries, which in turn supported the non-yielding precious metal.