Silver Rebounds on Easing Oil Prices, Despite Tightening Monetary Policy
The price of silver has rebounded to around $63.80 per troy ounce after recovering from losses in the previous session.
The metal gained traction as easing oil prices reduced immediate inflation worries, providing a supportive backdrop for non-yielding precious metals.
Oil prices retreated as Saudi Arabia worked to restore its East-West pipeline capacity following drone attacks. The kingdom aims to bring back roughly half of the pipeline's capacity within days and expects full restoration in six weeks.
The Federal Reserve raised interest rates by 25 basis points to a target band of 3.75% to 4.00%, indicating that another hike could follow before year-end, according to Fed Chair Kevin Warsh, who stated that the decision was 'sober' and 'responsible.'