Silver held near $80 an ounce on Tuesday, stabilizing after coming under pressure in the previous session, as investors focused on a second round of talks between the US and Iran ahead of the expiry of their two-week ceasefire this week. US Vice President JD Vance is expected to once again lead the American delegation in Pakistan, while Iran is reportedly preparing to send its own representatives, reversing earlier indications that it would not participate in further negotiations.
At the same time, President Donald Trump said he is unlikely to extend the existing truce if no agreement is reached before it expires, adding that the Strait of Hormuz will remain closed until a deal is secured. The broader Middle East conflict has unleashed a historic energy supply shock, intensifying inflationary pressures and increasing the likelihood of further central bank interest rate hikes—developments that have weighed on precious metals. Even so, silver remains down roughly 15% since the start of the Iran war.
