Silver prices today, Tuesday, June 9: Settling into a lower range to start the week

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Silver ( SI=F ) July futures opened at $68.32 per ounce on Tuesday, 0.4% lower than Monday's closing price, but higher than yesterday's open. The price of silver is steady in early trading at $68.45 per ounce as of 7:03 a.m. ET.

Much like gold prices, the opening silver prices so far this week are steady, but down significantly from last week. Last week, average opening silver prices were over $74; so far this week, they are averaging just over $68.

While markets have welcomed news that Israel and Iran have paused hostilities, the Strait of Hormuz remains largely closed, keeping pressure on energy prices and driving inflation higher for economies worldwide.

A report this morning from the National Federation of Independent Business showed that many small businesses have already raised prices, with more to follow . Two other important inflation indicators due later this week are expected to confirm much the same: inflation continues to drive prices higher due to disruptions caused by the war in Iran.

If the Fed keeps rates elevated and even raises them this year, that is expected to put more downward pressure on silver prices.

Silver (SI=F) July futures opened 0.4% lower than Monday's closing price. Here's a look at how the opening silver price has changed versus last week, month, and year:

For context, silver's year-over-year growth was 173.3% on May 14.