CITIC Futures: Silver is experiencing high-level fluctuations in the short term; attention should be paid to the trends in oil prices and the guidance from U.S. retail data for July.

The overall movement of silver in the day was weak and fluctuated, with a decline greater than that of gold. Both domestic and international silver prices fell by more than 1%, with COMEX silver dropping below $65 per ounce. The U.S. July PPI and core PPI softened more than market expectations, leading to a decline in the U.S. dollar and Treasury yields. Meanwhile, Federal Reserve official Harker expressed uncertainty about continued improvements in inflation. Coupled with the ongoing strait blockade, an advisor to Iran's Supreme Leader threatened that if conditions are not met, or if conflicts escalate, the inflation outlook remains fraught with uncertainty, prompting some funds to take profits and withdraw. According to Xinhua News Agency, on the 12th local time, Iran's "Persian Gulf Strait Management Bureau" stated that the Strait of Hormuz remains closed and will not reopen unless the U.S. accepts Iran's proposed conditions. On the 13th, an advisor to Iran's Supreme Leader stated that if conditions are not met, conflicts may escalate.