Silver held steady near $79 an ounce on Friday and was on track for a fourth consecutive weekly advance, as prospects for a permanent ceasefire agreement between the US and Iran helped ease concerns over inflation and central bank rate hikes. President Donald Trump said Tehran had agreed to terms including abandoning ambitions for a nuclear weapon, supplying “free oil,” and reopening the Strait of Hormuz, although Iranian officials have yet to verify these claims. Despite this, the Strait of Hormuz remains effectively closed under a dual blockade, while IMF Executive Director Fatih Birol cautioned that restoring a meaningful portion of disrupted oil and gas output could take up to two years. Even so, oil prices have retreated sharply amid growing optimism over a potential Iran deal, easing inflationary pressures and dampening expectations of further rate hikes. Silver is set to rise by about 4% this week and was nearly 30% above its March low.
