Silver traded below $78 an ounce on Wednesday, extending losses after nearly a 4% drop in the previous session, as plans for a second round of US–Iran peace talks collapsed despite President Donald Trump’s decision to prolong the ceasefire. Reports indicated that Vice President JD Vance canceled a planned trip to Islamabad after Tehran informed Washington, via Pakistan, that it would not participate in the meeting. Iran also said it would not reopen the Strait of Hormuz as long as the US Navy continues intercepting vessels.
At the same time, Trump signaled he would postpone further military strikes until Iran presents a new proposal and negotiations are completed. Silver is now down roughly 17% since the conflict began. The metal also came under additional pressure from the Senate confirmation hearing for Federal Reserve Chair nominee Kevin Warsh, who vowed to act independently and called for a new framework to tackle stubborn inflation, though he offered no further details.
