Silver Gains as Dollar Weakens Amid Escalating Middle East Tensions
Silver prices rose to $66 an ounce on Wednesday, buoyed by a weaker US dollar. This shift in currency value came as investors grappled with renewed inflation risks stemming from escalating tensions in the Middle East and awaited key US inflation data for clues about the Federal Reserve's policy outlook.
The dollar hit a four-month low, with markets focused on producer-price data due Thursday and the consumer price index on Friday. These releases are expected to provide crucial information ahead of the Fed's September 16 policy meeting.
Meanwhile, oil prices surged to their highest level in over three months as US-Iran tensions intensified. Iran's Revolutionary Guard claimed it had fired ballistic missiles at a US military-linked base in Jordan and attacked 10 ships on Wednesday.