Silver Extends Gain as Hormuz Deal Eyed

2026-08-05 00:41 By Jam Kaimo Samonte 1 min. read

Silver climbed above $61 an ounce on Wednesday, rising for the third straight session as investors assessed reports of an imminent deal to reopen the Strait of Hormuz, which could ease inflation concerns and lower the likelihood of near-term Federal Reserve interest rate hikes.

On Tuesday, Qatar said an interim proposal had been prepared, while both Washington and Tehran signaled progress in negotiations to reopen Hormuz, triggering a sharp decline in oil prices.

Markets trimmed expectations for a September Fed rate hike to around 57%, down from 67% a day earlier.

Still, New York Fed President John Williams said inflation continues to move gradually lower but reiterated that the central bank stands ready to raise interest rates if price pressures persist.

Investors are now awaiting a fresh batch of US labor market data for further clues on the Fed’s policy outlook, with ADP’s July private payrolls report due later today.



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