Silver climbed above $87 an ounce on Wednesday, hitting its strongest levels in two months and outperforming other precious metals amid an improving outlook for industrial demand. The metal is widely used in electronics, solar panels, and other industrial applications due to its high electrical conductivity, while also serving as a traditional investment asset alongside gold. Sentiment remained cautious, however, after hotter-than-expected US inflation data reduced expectations for Federal Reserve interest rate cuts. US consumer inflation rose 3.8% in April, above forecasts of 3.7% and the highest since May 2023. At the same time, oil prices extended gains over three consecutive sessions as diplomatic efforts to resolve the US-Iran war failed to produce progress, keeping inflation risks elevated. In other news, India has increased import tariffs on gold and silver in a bid to curb bullion purchases and support its currency.