Silver climbed above $73 per ounce on Tuesday as oil prices eased, yet it remained on course for a monthly loss of more than 20% in March, its steepest decline since September 2011. Throughout the month, precious metals have come under sustained pressure from an oil-driven inflation shock that has pushed investors and policymakers toward a more hawkish interest rate outlook. The conflict in the Middle East has entered its fifth week with no signs of de-escalation, as Iran has effectively closed the Strait of Hormuz and threatened to disrupt shipping in the Red Sea. At the same time, Federal Reserve Chair Jerome Powell stated that long-term US inflation expectations appear to remain anchored despite heightened uncertainty related to the conflict, and noted that the central bank’s current policy stance gives officials room to assess the economic impact of the war involving Iran.