With rising geopolitical risks and hawkish expectations from the Federal Reserve intertwining, silver prices are under pressure near $59.

汇通财经2026/06/29 02:58

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During the Asian session on Monday, spot silver saw a slight pullback after two consecutive days of gains, trading around $58.70 per troy ounce, down approximately 0.2%, with an earlier dip of up to 1.26% to $58.03. The latest military clash between the US and Iran in the Strait of Hormuz has pushed up oil prices, reigniting market concerns about inflation. As a non-yielding asset, silver came under pressure amid expectations of higher interest rates.
Nevertheless, Washington and Tehran have agreed to halt mutual attacks ahead of resuming peace talks in Doha, Qatar. This week’s negotiations take place after several days of retaliatory strikes between the two sides, with a cargo ship attack on Thursday sparking a new round of doubts about the ceasefire agreement. The two delegations are scheduled to meet in Qatar on Tuesday to continue negotiations to end the conflict.
Silver also faces ongoing challenges from the Federal Reserve’s hawkish expectations. According to the CME FedWatch tool, traders are currently pricing in a 59.7% probability of a rate hike in September. As a non-yielding asset, silver is highly sensitive to interest rate changes, and expectations of higher rates will continue to weigh on it.
The market is closely watching Thursday’s release of the US nonfarm payrolls report, which is expected to provide key clues for the Federal Reserve’s interest rate path. Market forecasts indicate June employment growth of 114,000, with the unemployment rate expected to remain unchanged at 4.3%. In addition, Friday’s release of the Fed’s preferred measure of inflation—the Personal Consumption Expenditures Price Index—is also in the spotlight.
On the geopolitical front, the Iranian Revolutionary Guard has announced that Iran will exercise full control over the Strait of Hormuz for the next 30 days, further increasing shipping uncertainty in the region. Analysts point out that any repeated setbacks in implementing the agreement could once again drive up the risk premium on energy transportation in the region and provide short-term support to precious metals prices.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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With rising geopolitical risks and hawkish expectations from the Federal Reserve intertwining, silver prices are under pressure near $59.

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