Silver climbed toward $73 per ounce on Thursday, rebounding from the one-month low of $71 in the previous session, supported by a pause in the recent rally in oil prices and signs of strong long-term demand. Crude oil and refined product prices eased despite ongoing standoffs and threats between the US and Iran, pulling bond yields back from recent highs and reducing the opportunity cost of holding non–interest-bearing precious metals such as silver.
At the same time, fresh earnings reports from US AI hyperscalers reinforced the surge in AI infrastructure investment that has been bolstering industrial demand for silver. Meta, Alphabet, Microsoft, and Amazon have collectively outlined $715 billion in AI-related capital expenditures, nearly double the $375 billion spent last year.
The rebound in silver prices came despite robust US macroeconomic data that supported the hawkish voices on the Fed who dissented at the last rate hold. GDP growth was broadly in line with expectations, core PCE inflation accelerated more than forecast, and initial jobless claims fell to their lowest level in nearly 50 years.
