Silver slipped below $82 per ounce on Thursday, erasing the previous session’s gains as the dollar strengthened amid rising uncertainty over the US-Iran conflict. The US-Israeli campaign against Iran has now entered its sixth day, keeping markets on edge over the risk of further escalation and a potentially protracted confrontation. A US submarine sank an Iranian warship off the coast of Sri Lanka, with Defense Secretary Pete Hegseth calling it “the first such attack on an enemy since World War II.”
Reports also emerged that Iranian operatives had approached the United States to explore the possibility of peace talks, although Tehran later denied having made any overture. At the same time, the Trump administration attempted to reassure markets about the uninterrupted flow of commercial activity in the Gulf. Separately, US Treasury Secretary Scott Bessent said President Donald Trump’s recently announced 15% global tariff is expected to come into force later this week.
