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- Silver price climbs to near $73.85 in Wednesday’s early European session.
- All eyes will be on the Fed interest rate decision on Wednesday, with no change in rate expected.
- Trump asked aides to prepare for an extended blockade of Iran.
Silver price (XAG/USD) rises to around $73.85 during the early European trading hours on Wednesday. Markets might turn cautious ahead of the US Federal Reserve (Fed) interest rate decision. Traders will also closely monitor the development surrounding the ongoing conflict between the US and Iran.
The Fed is expected to keep interest rates steady between 3.50% and 3.75% amid economic uncertainty and inflation risks. Jerome Powell’s press conference will be closely watched as it could give signals on whether the Fed may shift its stance on future rate cuts or hikes. Any hawkish comments from policymakers could underpin the US Dollar (USD) and weigh on the USD-denominated commodity price.
Escalating US–Iran tensions and the closure of the Strait of Hormuz have fueled inflation fears and increased the likelihood of “higher-for-longer” interest rates, which reduces the appeal of non-yielding assets like silver.
The Wall Street Journal reported on Wednesday that US President Donald Trump instructed aides to prepare for an extended blockade of Iran. The report stated that Trump opted to continue squeezing Iran’s economy and oil exports by preventing shipping to and from its ports.
