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News
Friday, August 07, 2026
What’s happening: Silver prices recorded gains this morning following losses in the previous session.
What happened: Renewed tensions in the Middle East reignited inflationary concerns and triggered speculations of a near-term rate hike by the Federal Reserve.
Weakness in the US dollar ahead of the key jobs report also provided a boost to silver prices.
Why it matters: An Iranian parliamentary committee is reviewing a bill to bar US and Israeli ships from passing through the Strait of Hormuz. The bill also requires nations that Iran considers “hostile” to pay fees before passing through the key route.
The latest development sent crude oil prices higher, raising concerns over inflation. This sparked speculations of central banks, especially the Federal Reserve, hiking benchmark interest rates in the near term to combat inflationary pressures.
Higher interest rates increase the opportunity cost of holding non-yielding metals, reducing the appeal for silver.
Weakness in the US dollar provided a boost to silver prices as a softer greenback makes metals cheaper for foreign currency holders. The US dollar index, which measures the greenback’s performance versus a basket of major peers, edged lower to 99.93 this morning.
Spot price for silver rose around 1.1% to $62.1680 an ounce this morning, after recording losses in the previous session. Spot price for gold rose 0.4% to $4,257.86 an ounce.
In other metals trading, platinum added 0.8% to reach $1,743.06, while palladium rose 0.4% to $1,374.28.
What to watch: Investors will keep an eye on recent developments between the US and Iran.
Data on US nonfarm payrolls (NFP) report for July will be released today (1630 UAE Time). The US economy, which added 57,000 jobs in June, is expected to add 80,000 jobs in July. The US unemployment rate, which fell to 4.2% in June from 4.3% in the previous month, is expected to remain at 4.2% in July. Analysts expect average hourly earnings for all employees on private nonfarm payrolls to rise by 0.3% in July, the same pace as the previous month.
Context: Japan’s Nikkei 225 traded lower this morning amid weakness in tech shares.
Details: Tech stocks recorded losses for the second straight session amid persistent concerns related to AI spending.
Renewed tensions over control of the Strait of Hormuz also weighed on overall market sentiment, raising concerns around whether the key waterway will ever fully reopen.
Meanwhile, data released this morning showed that Japan’s household spending declined 3.3% in June, compared to market estimates of a 1% gain. This highlighted persistent weakness in consumer demand. The latest reading signalled a contraction in personal spending for the seventh consecutive month and marked the sharpest decline in the current sequence.
Japan’s foreign reserves declined by $0.38 billion to a 16-month low of $1.287 trillion in July, compared to $1.288 trillion in the previous month.
Shares of SoftBank Group shed around 4% despite the company posting upbeat earnings, with concerns over the company’s aggressive AI investments. Nintendo’s shares rose around 5% following strong results for the first quarter.
Japan’s Nikkei 225 fell around 0.8% to 65,139.16 this morning, while TOPIX gained around 0.1% to 4,060.68. The USD/JPY forex pair fell around 0.1% to 158.34.
What to watch: Data on current account (0350 UAE Time), bank lending (0350 UAE Time) and Eco Watchers survey current (0900 UAE Time) from Japan will be released on Monday. Japan’s current account surplus, which widened to ¥3,968.3 billion in May from ¥3,320.5 billion in the year-ago month, is expected to shrink to ¥3,430 billion in June. Japan’s bank lending, which surged 5.7% year-over-year in June, is expected to rise 5.5% in July. Japan’s services sector sentiment index rose to 44.0 in June from 43.6 in May.
Other Markets: European indices closed mostly higher on Thursday, with the DAX 40, CAC 40 and STOXX Europe 600 Index up by 0.05%, 0.35% and 0.16%, respectively, and the FTSE 100 down by 0.19%.
Russia launched strikes on eastern Ukraine, while shooting down 605 drones over its territory. The news sent the USD/RUB pair lower in forex trading this morning.
Canada’s S&P Global services PMI climbed to 49.1 in July from 47.1 in the previous month. Services activity remaining in the contraction zone lent support to the USD/CAD forex pair.
Eurozone’s retail sales unexpectedly declined 0.3% in June, following a 0.4% gain in May. The latest reading falling short of market estimates of a 0.1% gain sent the EUR/USD pair lower in forex trading this morning.
UK’s S&P Global construction PMI improved to 44.7 in July from 38.4 in the previous month. Construction activity remaining in the contraction zone exerted pressure on the GBP/USD forex pair.
Colombia’s producer price index grew by 1.51% year-over-year in July, easing from 3.30% in the previous month. This being the weakest annual gain since February sent the USD/COP pair higher in forex trading this morning.
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