Silver Surges Near $60 on Renewed Optimism Over US-Iran Deal
Silver prices surged near $60 on Tuesday as investors became more optimistic about a potential deal between the US and Iran. The white metal rebounded after hitting a low of $56.57 on Monday, benefiting from renewed demand for precious metals.
US Treasury Secretary Scott Bessent said that an agreement with Iran to reopen the Strait of Hormuz could be reached as soon as Tuesday or Wednesday. He added that energy prices are expected to 'settle back down' if a deal is reached.
The decline in oil prices, which dropped more than 3%, could also have important implications for US monetary policy. A prolonged drop in energy prices would help ease inflationary pressures, reducing the need for the Federal Reserve (Fed) to tighten its monetary policy stance.