Silver prices surged sharply on renewed safe-haven buying, rising more than 4% to above $81 per ounce, after mixed signals around nuclear negotiations between the United States and Iran reignited concerns about potential geopolitical escalation.
At 8:49 pm ET, silver jumped 4.61% to $81.03 per ounce, extending its rally as investors sought protection amid uncertainty over the future of the talks. Market participants interpreted the lack of clarity around the negotiations as increasing near-term geopolitical risks, driving demand for precious metals.
Gold also benefited from the risk-off sentiment, climbing 0.86% to $4,997.61 per ounce, as investors rotated back into traditional safe-haven assets. The move in gold was comparatively modest, with silver outperforming due to its higher volatility and sensitivity to shifts in risk appetite.
In contrast, platinum and palladium underperformed. Platinum slipped 0.89% to $2,081.69 per ounce, while palladium fell 0.22% to $1,690 per ounce, reflecting more subdued demand for industrial precious metals compared with safe-haven assets.
The rally highlights how geopolitical uncertainty continues to drive sharp moves in precious metals, with silver once again showing outsized gains during periods of heightened risk sentiment.