Fed Officials Signal Further Tightening

Federal Reserve officials maintained a hawkish stance on inflation, with several policymakers suggesting that additional rate hikes may be necessary to combat persistent price pressures. San Francisco Fed President Mary Daly indicated future hikes could depend on external shocks, while Kansas City Fed President Jeffrey Schmid stated the inflation fight has a "way to go." This sentiment was echoed in global monetary policy discussions, with some economists now expecting the central bank of the Philippines to raise its key interest rate.

Weaker Dollar and Yields Provide Support

The US Dollar Index retreated from its recent 18-month high, a move partly attributed to an easing of fiscal jitters in Europe which improved broader risk sentiment. This pullback in the dollar, along with a dip in US Treasury yields, provided support for precious metals. Silver prices in particular held firm amid the softer dollar environment.

Geopolitical and Energy Risks Persist

Global markets continue to monitor geopolitical developments, including rising trade tensions between the European Union and China following a new anti-dumping investigation. In the energy sector, oil prices remained volatile as the market weighed increased Middle East exports against persistent supply risks, particularly related to shipping in the Strait of Hormuz and deadlocked US-Iran talks.

Mining Sector Developments

On the supply side for silver, Discovery Silver's Cordero project in Mexico received a key federal environmental approval, completing a major step in the project's permitting process. In corporate news, mining firm Greenland Mines announced that its board has authorized a share repurchase program for up to $20 million of its outstanding common stock.