Silver Steadies on Oil Price Surge Amidst Escalating Middle East Tensions

Silver prices have steadied around $57.60 per troy ounce during Asian trading hours, attempting to recover from a sharp selloff in the previous session.

The metal's rebound comes amidst rising crude oil prices and escalating Middle East tensions.

Rising oil prices are fueling expectations for further tightening by the Federal Reserve, which typically weighs on interest-sensitive metals like Silver.

Market-based measures indicate investors assign a 35.8% probability of a rate increase this month and an 82.1% chance of at least a 25-basis-point hike in September.