Silver traded above $68 per ounce on Friday, stabilizing after a sharp selloff in the previous session, as President Donald Trump extended his deadline for Iran to reach an agreement to end the war. Trump pledged not to target Iranian energy infrastructure until April 6, offering some relief to markets rattled by nearly a month of hostilities. He also said Iran had allowed 10 oil tankers to transit the Strait of Hormuz this week as a “present” to the US.
At the same time, Iran confirmed it had rejected Washington’s 15-point proposal to halt the conflict and instead submitted its own terms, which include international recognition of Tehran’s authority over Hormuz. On Thursday, silver slumped more than 4% amid persistent doubts that the US and Iran can soon agree to a ceasefire.
Precious metals broadly came under heavy selling pressure as the prolonged Middle East conflict and rising energy prices stoked inflation worries and strengthened expectations that major central banks may raise interest rates later this year.
