Silver prices retreated to around $85 per ounce on Tuesday, paring gains from earlier in the session. The decline came as escalating geopolitical uncertainty in the Middle East, including ongoing blockade of the Strait of Hormuz and U.S. President Trump’s rejection of Iran’s latest peace proposal, pushed oil prices higher and fueled inflation concerns. On Monday, silver surged over 7% to hit a two-month high, outperforming other precious metals, driven by expectations of increased industrial demand and its traditional safe-haven appeal. Investors are closely monitoring the latest U.S. consumer inflation data to assess how the Iran conflict may impact broader price pressures.
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