Oil Price Drop Fuels Silver Rally Near $60

Silver prices have surged near $60 as US Oil prices drop over 3% on diplomatic developments between the United States and Iran.

US Treasury Secretary Scott Bessent's comments about a potential agreement to reopen the Strait of Hormuz sparked the rally, with Energy prices expected to 'settle back down' if a deal is reached.

The decline in Oil prices has implications for US monetary policy, easing inflationary pressures and reducing the need for the Federal Reserve to tighten its stance. Lower interest rate expectations typically weigh on the US Dollar, supporting non-yielding assets like Silver.