India, Sept. 4 -- Silver pulled back on Indian commodity exchanges on Tuesday, as crude oil's climb back above $92 a barrel fed into inflation expectations and drove the probability of a Federal Reserve rate hike to 70 percent. On the Multi Commodity Exchange, silver futures slipped for a second consecutive session; the India Bullion and Jewellers Association revised its benchmark physical rates lower. The sell-off was partial and brief against a market that has gained more than 12 percent over the prior month, but it illustrated a dynamic that has become central to precious-metals trading in 2026: geopolitical shocks that lift energy prices do not necessarily lift silver.

The precipitating event was the Strait of Hormuz. Iran's strikes...