Silver

Higher borrowing costs are a headwind for non-yielding bullion.

Despite a moderate recovery in recent weeks, bullion has still fallen around 10% since the start of the conflict in late February

Bullion has fallen more than 11% since the US-Israel war with Iran began at the end of February

Since the war in the Middle East began, bullion has traded largely in tandem with stocks

Now in its sixth week, the war in the Middle East has driven a spike in energy prices and raised inflationary risks

Now in its sixth week, the war has heightened the prospects that central banks will delay cutting interest rates or even hike them

Bullion’s haven appeal has also been dimmed by the need for investors to liquidate their positions and cover losses elsewhere

Strong investor participation in Singapore and wider Asia suggests metal’s long-term role as a hedge continues 

Bullion has fallen more than 2% so far this week