Silver advanced toward $85 per ounce on Thursday, logging a second straight session of gains as geopolitical uncertainty surrounding the Iran conflict and a weaker US dollar bolstered demand for precious metals. The US-Israeli campaign against Iran has entered its sixth day, keeping markets on edge over the potential for further escalation and a drawn-out confrontation.
In a significant military development, a US submarine sank an Iranian warship off the coast of Sri Lanka, an action Defense Secretary Pete Hegseth described as “the first such attack on an enemy since World War II.” Silver prices also drew support from a pullback in the dollar after reports surfaced that Iranian operatives had approached the US to explore possible peace talks, though Tehran later denied making any such overture.
Inflation concerns eased further as the Trump administration sought to reassure markets about the continuity of commercial activity in the Gulf. At the same time, US Treasury Secretary Scott Bessent said President Trump’s recently announced 15% global tariff is expected to take effect later this week.
