Silver Rebounds on Softer Oil, But Tighter Policy Cuts Upside

Silver prices rebounded on Thursday to trade around $64.15, up 1.87% on the day.

The white metal's gains are largely due to a decline in oil prices, which has eased concerns about inflationary pressures.

The move comes after Saudi Arabia reportedly sought to increase oil deliveries to Asian refiners through ship-to-ship transfers off Oman's Sohar port, according to the Times of India.

Tighter US monetary policy continues to cap Silver's upside potential, with the Federal Reserve raising its benchmark interest rate by 25 basis points on Wednesday to a target range of 3.75%-4%.