Silver Drops Over 2%

2026-07-08 09:13 By Joana Ferreira 1 min. read

Silver fell more than 2% to $58.4 an ounce on Wednesday, returning to levels not seen since December 2025, after US President Donald Trump declared an interim peace deal with Iran "over." The announcement sent oil prices up over 5% and heightened concerns about inflation and higher US interest rates. At NATO’s Ankara summit, Trump confirmed the June memorandum of understanding with Iran was finished and ruled out further engagement with Tehran.

The oil price surge followed Iran’s Revolutionary Guards’ statement that they had targeted US military bases in Bahrain and Kuwait in response to US strikes on Iran and the revocation of its oil sales license.

Markets now price in a 66% chance of a US rate hike in September, up from 62% on Tuesday.

Investors are awaiting the Federal Reserve’s June meeting minutes, due later today, for further monetary policy clues.



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