Silver Holds Gain on Hormuz Deal

2026-08-06 00:03 By Jam Kaimo Samonte 1 min. read

Silver held above $62 an ounce on Thursday after rising for three straight sessions, as a deal to partially reopen the Strait of Hormuz pushed oil prices lower, easing concerns over inflation and the outlook for interest rates.

Iran and Oman reached an agreement on a shipping corridor through the strait, boosting expectations of increased energy flows from the Middle East.

Markets scaled back expectations for Federal Reserve interest rate hikes this year, now pricing in just one increase by year-end, compared with two as recently as last week.

Meanwhile, ADP data showed the US economy added only 44,000 private-sector jobs in July, the weakest reading since January and well below forecasts for 70,000.

Elsewhere, Fed Governor Lisa Cook reiterated on Wednesday that she remains prepared to raise rates if inflation fails to cool, warning that the central bank may not have the luxury of waiting before bringing inflation back to its 2% target.



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