Silver Prices Soar as US-Iran Peace Deal Eases Inflation Concerns

The U.S.-Iran peace agreement sent shockwaves through the precious metals market, causing a surge in gold and silver prices. Spot silver prices rose nearly 4% to trade above $70 per ounce, while spot gold prices increased by over 2.5% to reach around $4,325.78.

First Majestic Silver Corp., a Canadian mining company focused on producing and developing silver and gold in Mexico and the U.S., saw its shares jump more than 5% in overnight trading. The increase comes as investors seek safe-haven assets amid easing concerns over inflation and higher interest rates.

Retail chatter around First Majestic Silver Corp. increased by about 40% in the last 24 hours, according to Stocktwits data. Some users on the platform expressed bullish sentiments, with one user predicting a potential breakout level for the stock.