Silver Surges as Oil Prices Decline Amid Easing Inflation Fears

Silver has risen to nearly $64.00 per troy ounce as oil prices declined due to easing concerns over supply disruptions and inflation.

The damage to Saudi Arabia's East-West pipeline from drone attacks last week was expected to be partially restored within days, with the country aiming to return to full operation in six weeks.

This development has softened inflation fears and offered underlying support to non-yielding precious metals like silver.

However, headwinds persist as the US Federal Reserve raised interest rates by 25 basis points to a target range of 3.75% to 4.00%, signaling further hikes before the end of the year.