Silver Rallies as Trump Delays Strikes for 2 Weeks
Silver jumped more than 4% to above $76 per ounce on Wednesday, hitting a three-week high after President Donald Trump delayed his planned strikes on Iranian civilian infrastructure by two weeks to finalize talks on a potential resolution to the war. Trump also said the US had received a 10-point proposal from Iran that he described as a “workable basis for negotiations,” with the two-week window allowing the potential agreement to be finalized and implemented. Additionally, Iran has agreed to reopen the Strait of Hormuz for two weeks provided all attacks are halted, adding that transit would need to be coordinated with Iran’s Armed Forces, while Israel has also reportedly assented to the temporary ceasefire. Silver has tumbled as much as 37% peak-to-trough since the conflict began, as a surge in energy prices fueled inflation concerns and reinforced a hawkish shift in central bank outlooks.