Silver stabilized above 73 per ounce on Friday. On track for a third consecutive weekly decline. The surge in energy prices has heightened concerns regarding inflation. The Federal Reserve indicated that there will be no reductions in interest rates until inflation shows signs of abating. The markets are currently anticipating two rate hikes from both the ECB and the BOE.

Silver traded above $73 per ounce, yet it is poised for a third consecutive weekly loss as escalating energy prices associated with tensions in the Middle East have heightened inflation concerns. Investors redirected their focus to the dollar and Treasuries, exerting downward pressure on precious metals. The Federal Reserve maintained its current interest rates and signaled that any potential cuts might be postponed until there is a definitive decrease in inflation, with projections now extending to 2027.

Meanwhile, the ECB, BOE, and BOJ also maintained rates while adopting hawkish tones. Current market expectations indicate that both the ECB and BOE are likely to implement two more rate hikes this year, which diminishes the attractiveness of non-yielding assets such as silver.