Silver Struggles to Capitalize on Oil Price Decline

Silver prices are struggling to extend their gains beyond $58.68 after opening strongly due to a sharp decline in oil prices.

The white metal has started the week on a firm footing as lower oil prices, following the announcement of a ceasefire between the US and Iran, have anchored global inflation expectations.

However, despite its safe-haven status, Silver's price is underperforming compared to other assets due to the hawkish Federal Reserve's anticipated interest rate hikes.

The odds of the Fed hiking interest rates next month are 64.5%, according to the CME FedWatch tool, which suggests that two further 25bps increases this year are likely.