Silver Stabilizes Amid Dollar Weakness and Middle East Tensions

Silver prices held steady at around $59 an ounce on Friday after rising for two consecutive sessions. The precious metal found support in the weakening US dollar, which is suspected to have been intervened by Japan to strengthen the yen.

The silver price also benefited from the Federal Reserve's decision to keep interest rates unchanged, despite growing inflationary pressures caused by renewed hostilities in the Middle East. However, expectations of tighter monetary policy continue to limit further gains, with markets pricing in a 63% chance of a Fed rate hike in September.

Recent military strikes on Iranian targets by the US have reduced the likelihood of a near-term diplomatic agreement, which may also weigh on silver prices.