Silver climbed 3% to around $65.5 an ounce on Thursday as investors reassessed their positions following the US Federal Reserve’s first rate hike in three years. The dollar retreated from a seven-week high reached after US policymakers raised rates and signalled further hikes in the coming months, with Chief Kevin Warsh joining the unanimous decision and highlighting concerns that inflation remains elevated. Higher interest rates typically weigh on precious metals by increasing the appeal of interest-bearing assets. Elsewhere, the Bank of England kept interest rates unchanged on Thursday, while the Bank of Japan is widely expected to raise rates to a 31-year high on Friday. Oil prices extended their decline as concerns over supply disruptions eased, while US President Trump said he hoped an end to the war with Iran was near.