Silver declined to $61.2 per ounce on Tuesday as investors assessed rising Middle East hostilities and awaited the Federal Reserve’s June meeting minutes for monetary policy signals.
The metal had reached a two-week high on Monday following a softer-than-expected US jobs report, which prompted markets to reduce expectations for near-term interest rate hikes.
However, persistent inflation concerns suggest the Fed may maintain a "higher for longer" approach, with traders pricing in a 60% chance of a September rate hike.
Meanwhile, oil prices edged higher after two tankers were struck in the Strait of Hormuz, and Iran stated it would halt peace talks unless US President Trump ceased his repeated threats to restart the war.