Silver traded steadily near $79 an ounce on Friday and was poised for a fourth straight weekly gain, as growing expectations of a permanent ceasefire agreement between the US and Iran helped ease concerns over inflation and further central bank rate hikes. President Donald Trump said Tehran had agreed to terms that included abandoning its pursuit of nuclear weapons, providing “free oil,” and reopening the Strait of Hormuz, though Iranian officials have not yet confirmed these assertions. In practice, the Strait of Hormuz remains effectively closed under a dual blockade, and IMF Executive Director Fatih Birol warned that restoring a significant share of disrupted oil and gas production could take up to two years. Nonetheless, oil prices have fallen sharply on optimism surrounding a potential Iran deal, relieving some inflationary pressure and tempering expectations of additional rate increases. Silver is on track to gain about 4% this week and is trading nearly 30% above its March low.