Spot Silver rebounded on Friday, after a steep Thursday loss, amid indications of easing Middle East tensions.
US President Donald Trump said on Truth Social on Thursday that he had paused plans to strike Iran’s energy infrastructure until April 6th, while adding that negotiations with the Islamic country are “going very well.”
Trump also said that Iran had permitted 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the US.
However, Iran confirmed it had turned down a US-backed 15-point framework aimed at ending the conflict in the Middle East and dismissed the prospect of talks with Washington. Iran has submitted its own conditions, including recognition of Tehran’s authority over the key Hormuz waterway.
At the same time, the deployment of additional US troops has intensified speculation about the possibility of a ground operation. These developments kept geopolitical risk elevated.
Silver and other metals have faced heavy selling pressure, as rising energy prices fueled inflation concerns and reinforced the case for tighter monetary policy.
Markets now expect the Federal Reserve will likely hold rates higher for longer. Higher interest rates tend to increase the opportunity cost of holding Silver, which pays no interest.
Silver was last up 0.17% on the day to trade at $68.20 per troy ounce.
The white metal was on course for a weekly advance, being up 0.27%.
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