Silver surged more than 4% to above $76 per ounce on Wednesday, reaching a three-week high after President Donald Trump postponed planned strikes on Iranian civilian infrastructure by two weeks to finalize talks on a possible resolution to the war. Less than two hours before a deadline for Iran to accept a deal or face intensified attacks, Trump announced a “double-sided ceasefire,” conditional on Iran reopening the Strait of Hormuz.
Trump also said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window intended to allow any potential agreement to be completed and implemented. Tehran has not confirmed Trump’s assertions or indicated whether it will permit the resumption of commercial shipping through the Strait of Hormuz.
Silver has fallen as much as 37% from peak to trough since the conflict began, as surging energy prices have intensified inflation concerns and reinforced a more hawkish stance in central bank policy outlooks.
