Silver Soars on US-Iran Tensions as Hormuz Disruption Looms
Silver prices surged on Monday, September 8, 2026, in response to escalating tensions between the US and Iran. The Indian Bullion Jewellers Association (IBJA) benchmark price jumped ₹12.73 per gram to ₹249.90, a 5.4% increase from Sunday's rate of ₹237.17. This significant jump was driven by the heightened geopolitical risk associated with the Strait of Hormuz, which routes approximately 20% of global oil and liquefied natural gas.
The US and Iranian forces had exchanged strikes on Larak Island over the weekend, increasing concerns about a potential disruption to energy supplies. As a result, industrial buyers, who rely on silver as an irreplaceable input for electronics, solar panels, and medical devices, rushed to secure their supplies, driving up prices.
The safe-haven buyer, seeking a hard asset in times of uncertainty, also contributed to the price increase. With the risk of Hormuz disruption now priced in, traders are bracing for potential supply-chain disruptions that could further drive up silver prices.