FX.co ★ Silver Gains on US-Iran Diplomacy Hopes

Silver rose above $80 an ounce on Thursday, approaching one-month highs as investors weighed the prospects for renewed negotiations and a potential long-term peace agreement between the US and Iran that could help ease inflationary pressures. Reports indicated that Washington and Tehran are considering extending their two-week ceasefire to allow additional time for talks, even as the Strait of Hormuz remains effectively closed under a dual blockade. Market focus is now shifting to a possible second round of US-Iran discussions, expected to center on reopening the strait and addressing Iran’s nuclear enrichment program. Precious metals have found support in recent weeks as diplomatic progress in the Middle East has tempered worries about inflation and further central bank tightening. Nonetheless, silver remains nearly 15% below its level at the outset of the conflict.