12.08.202613:05:26UTC+00Silver Picks Up to 8-Week High

Silver rose toward $66.60 an ounce on Wednesday, its highest level in eight weeks, after US inflation data broadly met expectations and eased worries about an imminent Federal Reserve rate hike. Core consumer prices increased 0.2% month-on-month and 2.5% year-on-year in July, reinforcing expectations that the Fed may adopt a more cautious stance on monetary policy.

At the same time, investors closely followed developments in the Strait of Hormuz. Pakistan’s defense minister said the US and Iran were “close to some sort of arrangement” to reopen the key shipping route, while President Donald Trump asserted that the US had “total control” over the strait, underscoring persistent uncertainty.

Beyond monetary and geopolitical factors, silver continued to draw support from solid industrial demand, especially from expanding solar-panel production and increased investment in electricity grids. Reflecting this trend, Chinese imports of silver-bearing ores surged 62.5% year-on-year in June to 219,000 tonnes.