Silver Prices Hit 10-Day Low Near 75 on Mideast Tensions

Silver prices fell to near their 10-day lows around 75 on Friday, pressured by escalating geopolitical tensions in the Middle East and a strengthening US dollar, as investors shifted focus to rising oil costs and persistent inflation risks.

The XAG/USD pair traded at approximately 75 during the session, after touching a low of 73.95 earlier in the day. This marked the second consecutive day of declines, with the metal down nearly 7 percent for the week. The downturn followed a breakdown from an upward-trending channel established since late March, signaling that sellers had regained control after silver peaked near 83 earlier in the month.

Key drivers included stalled negotiations between the United States and Iran, which have heightened concerns over the Strait of Hormuz, a vital chokepoint for about 20 percent of global energy supplies. Reports of cargo vessel seizures by both nations have prolonged the fragile ceasefire, keeping hopes for reopening the strait dim. As a result, crude oil prices climbed, with West Texas Intermediate reaching 98 and Brent crude hitting 106, fueling fears of a global recession. Higher energy costs have stoked inflation expectations, with recent...