Global silver ends the week below $60 an ounce, down about 4%

Silver fell below $60 an ounce at Friday's close on July 10 and ended the week down about 4 percent. The gold-to-silver ratio stood at roughly 68.9 that day.

The pullback came even as oil rose about 5 percent over the same week amid escalating US-Iran tensions and disruption in the Strait of Hormuz, while expectations of a higher-for-longer Federal Reserve policy weighed on precious metals. Even so, silver remains nearly 65 percent higher than it was a year ago.