Silver Climbs Toward Fresh Record Highs

Silver prices plunged nearly 5% to $71 per ounce on Thursday, dragged down by a rising US dollar and oil prices after President Donald Trump vowed to escalate attacks on Iran, fueling inflation concerns and shifting market expectations from pre-war rate cut hopes to the likelihood of unchanged Federal Reserve policy in 2026. While Trump claimed US forces had "nearly accomplished" their military goals, he offered no exit strategy for the month-long war, instead pledging to strike Iran "extremely hard" over the next "two to three weeks." Tehran, on the other hand, denied Trump’s claim that it had requested a ceasefire, insisting the Strait of Hormuz remains under IRGC control. The dollar’s safe-haven surge pressured precious metals, with silver already down more than 20% since the conflict erupted on February 28.

Silver decreased 5% to 71.326 USD/t.oz

Silver prices slid more than 6% toward $70 per ounce on Thursday as the US dollar gained ground following President Donald Trump’s prime-time address. Trump offered no clear end date for the Middle East conflict and noted that the US had nearly achieved its strategic goals in Iran but cautioned that the military campaign could intensify over the next two to three weeks. The remarks pushed the US dollar higher, as it has recently emerged as a safe-haven asset, putting pressure on dollar-denominated precious metals. Meanwhile, oil prices climbed again, stoking inflation worries and fueling expectations of tighter monetary policy, which in turn pushed yields higher and added further pressure on dollar-based assets. Markets have recently ruled out any US rate cuts in 2026, a sharp shift from pre-war projections of two reductions.