Silver prices fell more than 3% toward $72 per ounce on Thursday as the US dollar strengthened following President Donald Trump’s prime-time address. Trump offered no clear timeline for an end to the Middle East conflict, noting that the US had nearly achieved its strategic objectives in Iran but warning that military operations could intensify over the next two to three weeks. His comments boosted the US dollar, which has recently reasserted itself as a safe-haven asset, thereby weighing on dollar-denominated precious metals such as silver.
At the same time, oil prices advanced again, heightening inflation concerns and reinforcing expectations of tighter monetary policy. This pushed bond yields higher and added further pressure on assets priced in US dollars. Markets have now largely dismissed the prospect of any US interest rate cuts in 2026, marking a sharp reversal from pre-war forecasts that had anticipated two reductions.
