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Silver Surges to 2-Month High as Trump Rejects Iran Peace Proposal
(MENAFN) Silver Surges to 2-Month High as Trump Rejects Iran Peace Proposal
Silver surged sharply on Monday, climbing 7% to approach $86 an ounce and hitting its strongest level in nearly two months, as collapsing U.S.-Iran diplomacy and escalating Middle East tensions drove investors toward safe-haven assets.
Silver surged sharply on Monday, climbing 7% to approach $86 an ounce and hitting its strongest level in nearly two months, as collapsing U.S.-Iran diplomacy and escalating Middle East tensions drove investors toward safe-haven assets.
The precious metal reached an intraday peak of approximately $85.5 per ounce, propelled by a flight to safety after U.S. President Donald Trump declared Iran's latest peace overture "totally unacceptable" — a rebuff that stoked fresh fears over a potential resumption of hostilities between the two nations.
Gold Also Gains; Ceasefire Under Pressure
Gold tracked the broader safe-haven rally, with spot prices edging up 0.3% to $4,725 per ounce as of 1615 GMT.
Adding to market unease, weekend strikes across the Middle East threatened to unravel the fragile ceasefire brokered in April, while diplomatic back-channels showed little sign of progress. The Strait of Hormuz remains blocked, sustaining elevated oil prices and amplifying inflation anxieties across major economies.
Fed Rate Cut Bets Fade
Monetary policy expectations have also shifted in ways that complicate the broader market picture. Bets on two U.S. Federal Reserve rate cuts in 2026 have softened considerably, with forecasts now split between modest easing and no cuts at all — a recalibration that has added complexity to silver and gold's upward trajectory.
Traders are now closely watching Tuesday's U.S. consumer inflation print, which could prove pivotal in determining the Fed's next policy move and recalibrating rate-cut timelines.
China Summit in Focus
Beyond the Middle East, markets are keeping a close eye on Trump's imminent trip to Beijing, where he is scheduled to sit down with Chinese President Xi Jinping. The agenda is expected to cover a wide range of flashpoint issues — from the Iran conflict and Taiwan to artificial intelligence governance and nuclear arms.
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