Silver hits 7-week high: Markets eye US inflation and Fed signals
Silver per ounce rose to $66.60, its highest level since June 22. Gold also continued its upward trend ahead of US inflation data.
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Precious metals showed an upward trend ahead of the US inflation data. Silver per ounce recovered from losses seen in the previous session on Wednesday, climbing above $66.
As of August 12, 2026, the price of silver per ounce rose by 2.98 percent to $66.60. Thus, silver reached its highest level since June 22.
Buying also strengthened on the gold side. Spot gold gained over 1 percent to reach $4,414.63, hitting its highest level since June 5.
In global markets, investors are focused on the inflation data to be released in the US. The data is expected to be decisive for expectations regarding the US Federal Reserve's (Fed) future monetary policy.
Following the Fed's decision to keep policy rates steady in July, markets remain divided over the possibility of a 25-basis-point rate hike at the September meeting. It is assessed that the rise in oil prices could increase inflationary pressures and strengthen more hawkish expectations regarding the Fed.
Market actors are also monitoring diplomatic efforts to reopen the Strait of Hormuz to navigation. The statement by the Pakistani Defense Minister that Washington and Tehran are "close to some kind of agreement" on this issue, along with news flow regarding contacts between Iran and Oman, are being followed in terms of risk perception in energy and commodity markets.
Another factor supporting the rise in silver is industrial demand. The increasing use of silver in areas such as solar panel production and the renewal of electrical grids keeps physical demand alive. China's imports of silver-containing ore, which increased by 62.5 percent year-on-year in June to reach 219 thousand tons, are also cited as data pointing to this demand.