Silver remains in a low-level consolidation, awaiting direction after the release of the US CPI data

　　

　　The international silver market saw an oversold rebound during the Asian session on Tuesday,

（XAG/USD）trades around . Although the ongoing escalation of geopolitical risks in the Middle East typically benefits safe-haven assets, the market is placing more emphasis on the prospect of rising energy prices potentially driving inflation higher again, prompting the Federal Reserve

　　Tensions between the US and Iran have further escalated. US President Trump announced the restoration of maritime blockade measures on Iranian-related vessels, and mandated that all commercial cargo passing through the Strait of Hormuz must pay a

. At the same time, the US continues to strengthen its military actions in the Middle East, further intensifying market concerns over the security of global energy supply.

　　

. As the market grows more concerned that energy transportation might be affected, international crude oil prices continue to rise, and expectations for global energy price increases and a rebound in inflation have clearly strengthened. Like gold, silver is a non-interest-bearing precious metal

　　Meanwhile, market expectations for Fed policy have grown more hawkish. The inflationary pressure brought by rising international oil prices has led investors to believe that the Fed may maintain restrictive policies for longer to prevent inflation from resurging. This outlook is supporting the US dollar and US Treasury yields, and is also creating significant downward pressure on silver prices.

　　

　　In addition, Fed Chair Kevin Walsh will testify before Congress on this day, and his latest views on the future path of interest rates, the inflation outlook, and the economic outlook will also be key market focuses. If his comments remain hawkish, both the dollar and Treasury yields may rise further, so silver could face more short-term downside pressure; if the tone is dovish, sentiment in the precious metals market could improve.

　　

　　Editor’s Summary

　　The current silver market is mainly driven by inflation expectations and Fed policy outlook. The escalation of tensions in the Middle East has pushed up international oil prices, heightening concerns that rising energy prices could revive inflation, keeping expectations for high interest rates as a persistent drag on silver. In the short term, the key market focuses will be the US June CPI data and testimony from Fed Chair Kevin Walsh. If US inflation shows a marked cooling, silver could experience a stage rebound; if inflation remains resilient, both the dollar and Treasury yields could climb, posing further downside risks to silver.

Editor: Zhu Henan