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Silver Plummets as Trump Signals Escalation in Iran Conflict
(MENAFN) Silver prices experienced a sharp drop on Thursday following remarks from US President Donald Trump suggesting a heightened military approach toward Iran, prompting broad losses across precious metals.
Spot silver fell 5.1%, reaching $71.26 per ounce as of 0915 GMT. The decline came in response to Trump’s televised statement that the United States would strike Iran “extremely hard” over the next two to three weeks, undermining hopes for a near-term reduction in tensions and triggering a market-wide repricing.
The president’s comments strengthened the US dollar, pushed oil prices higher, and raised concerns that an extended conflict could drive inflation and maintain elevated interest rates for a longer period.
Gold also dropped, with spot prices down 2.8% to $4,622.59 per ounce, while other precious metals, including platinum and palladium, saw similar declines.
Markets turned increasingly risk-averse after Trump’s address offered no indication of a swift resolution to the conflict, reversing earlier optimism that hostilities might ease within weeks.
Spot silver fell 5.1%, reaching $71.26 per ounce as of 0915 GMT. The decline came in response to Trump’s televised statement that the United States would strike Iran “extremely hard” over the next two to three weeks, undermining hopes for a near-term reduction in tensions and triggering a market-wide repricing.
The president’s comments strengthened the US dollar, pushed oil prices higher, and raised concerns that an extended conflict could drive inflation and maintain elevated interest rates for a longer period.
Gold also dropped, with spot prices down 2.8% to $4,622.59 per ounce, while other precious metals, including platinum and palladium, saw similar declines.
Markets turned increasingly risk-averse after Trump’s address offered no indication of a swift resolution to the conflict, reversing earlier optimism that hostilities might ease within weeks.
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