Silver eased to about $73.50 per ounce on Thursday after sharp volatility in the previous session, as investors weighed a fragile ceasefire in the Middle East against sporadic clashes and persistent uncertainty over the reopening of the Strait of Hormuz. Iranian media reported that oil tanker traffic through the strait had been suspended following Israeli strikes on Lebanon, while a senior Iranian official said three provisions of the ceasefire proposal had already been violated.
At the same time, US Vice President JD Vance suggested the strait could begin to reopen as he leads a US delegation to Islamabad for direct talks with Iran. Oil prices recovered modestly, and both the US dollar and Treasury yields inched higher, maintaining pressure on precious metals.
On Wednesday, silver had jumped as much as 6.3% after the ceasefire announcement, before giving up nearly all of those gains as investors locked in profits amid a broader risk-on rally in global equities.
