Silver climbed above $57.50 per troy ounce Tuesday after a late pullback the previous day, as U.S. inflation figures kept the interest-rate outlook in focus ahead of the Federal Reserve's next meeting.
A StackerScan snapshot updated at 5:40 a.m. ET (09:40 UTC) showed a sampled high of $57.62 and an interim reading of $57.24. The same record listed $56.88 as the opening observation. The $57.24 figure was not a final daily close.
FXStreet, in a report published at 12:16 a.m. ET (04:16 UTC), quoted silver near $57.40 during Asian trading. Its quote and the StackerScan figures came from different times. They followed Monday's early silver advance, which had faded by late trading.
The U.S. Bureau of Labor Statistics (BLS) said the consumer price index rose a seasonally adjusted 0.6% in September from August. The unadjusted 12-month increase reached 3.7%, up from 3.4% in August. Gasoline prices jumped 9.1%; that increase made up more than half the month's overall CPI rise.
The Fed raised its target interest-rate range by 25 basis points to 3.75%-4% on Sept. 16 and described inflation as elevated. Its 2% inflation target uses the personal consumption expenditures price index, a different measure from the CPI reported by the BLS.
The U.S. Energy Information Administration (EIA) attributed higher shipping costs and part of oil's price premium to risks faced by tankers crossing the Middle East. Its Oct. 6 outlook also identified costlier insurance and longer voyages as pressures on the price refiners pay for crude.
FXStreet analyst Akhtar Faruqui said inflation concerns tied to higher oil prices could increase expectations of tighter monetary policy and weigh on silver. His assessment describes a potential pressure on the metal, even as it recorded Tuesday's early high.
The Fed is scheduled to meet Oct. 27-28. The BLS is due to release its October consumer price report Nov. 10 at 8:30 a.m. ET.
