Silver Remains Volatile as Dollar Rebounds

Silver traded around $83.5 per ounce on Thursday, shifting between gains and losses as the dollar rebounded amid heightened uncertainty surrounding the US-Iran conflict. The US-Israeli campaign against Iran has now entered its sixth day, keeping markets on edge over the potential for further escalation and the risk of a prolonged confrontation. A US submarine sank an Iranian warship off the coast of Sri Lanka, with Defense Secretary Pete Hegseth describing the strike as the “first such attack on an enemy since World War II.” Reports also surfaced that Iranian operatives had reached out to the US to explore possible peace talks, though Tehran later denied the outreach. Meanwhile, the Trump administration sought to reassure markets about the continuity of commercial activity in the Gulf. Elsewhere, US Treasury Secretary Scott Bessent said President Donald Trump’s recently announced 15% global tariff is expected to take effect later this week.

Silver climbed toward $85 per ounce on Thursday, marking a second consecutive session of gains as uncertainty over the Iran conflict and a pullback in the dollar supported demand for precious metals. The US-Israeli campaign against Iran has now entered its sixth day, keeping markets on edge for further escalation and the risk of a prolonged conflict. A US submarine sank an Iranian warship off the coast of Sri Lanka, with Defense Secretary Pete Hegseth calling it the “first such attack on an enemy since World War II.” Silver also benefited from the dollar’s retreat following reports that Iranian operatives had reached out to the US to explore potential peace talks, though Tehran later denied the outreach. Inflation concerns eased further as the Trump administration moved to reassure markets over commercial activity in the Gulf. Meanwhile, US Treasury Secretary Scott Bessent said Trump’s recently announced 15% global tariff is expected to take effect later this week.

Silver increased 5.02% to 86.097 USD/t.oz