Analysis: Attention should be paid to the progress of US-Iran negotiations and the resumption of navigation in the Strait of Hormuz. Silver is expected to follow gold's upward trend in the short term, with volatility potentially exceeding that of gold.

Silver prices were affected by the renewed blockade of the Strait of Hormuz, the escalating US-Iran conflict, and inflation concerns. Silver's industrial properties make it more sensitive to global growth and risk appetite, resulting in greater volatility than gold. The extent of the US economic stagnation remains unproven, and the renewed escalation of US-Iran geopolitical tensions has led to a rise in oil prices today. Short-term interest rate cut expectations are unlikely to rise rapidly, and further economic data is needed for guidance. Furthermore, the spot market for silver remains weak, with 1-month, 3-month, and 6-month London silver leasing rates, while slightly higher, still fluctuating at low levels. Short-term demand expectations for silver from the industrial sector are also weak. The cancellation of photovoltaic tax rebates starting in April may slow down the previous rush to export silver from the photovoltaic sector. (Jinshi)