Spot silver is up over 1.0% intraday, trading at $64.02/oz.

The U.S. Labor Department said Wednesday May CPI rose 4.2% YoY, up from April’s 3.8% and the strongest annual increase since April 2023. Energy costs—boosted since late-February strikes by the U.S. and Israel against Iran—are sustaining upward price pressure and have damped consumer confidence. There is little sign that tankers will gain sustained transit through the Strait of Hormuz, implying continued supply-side strain in global energy markets.

India's high commissioner to Canada said global investors remain cautious about Canada's regulatory processes and project approval procedures.