Silver climbed back above $76 an ounce on Monday, erasing earlier losses after reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and ending the war. The plan, reportedly conveyed through Pakistani mediators, calls for extending the ceasefire to create space for progress toward a permanent cessation of hostilities, while postponing nuclear talks until the US blockade of the strait is lifted.
Earlier in the session, precious metals had come under pressure after US President Donald Trump canceled a planned visit by senior envoys to Islamabad to resume talks with Iran. Tehran reiterated that it would not enter negotiations under conditions of threat or blockade.
Although silver later rebounded, it remains broadly under pressure. Heightened inflation risks linked to the Middle East conflict are reinforcing expectations that central banks may keep interest rates elevated for longer, or even tighten policy further.
