Silver rises to near $64 as US-Iran ceasefire hopes support prices

Silver rebounded to near $64 an ounce as optimism that a US-Iran ceasefire remains intact reduced geopolitical risk premiums in precious metals.

Silver rose to $64.00 per troy ounce on Thursday, recovering from an 11-week low of $61.50, as hopes for a US-Iran ceasefire supported the metal.

The rebound followed two consecutive sessions of losses that pushed prices to their lowest level since late March, with silver's dual role as a defensive asset and industrial input helping stabilize prices, according to exchange data compiled by Alpha Vantage.

Spot silver traded at $64.00 during Asian hours on Thursday, up from a previous close of $67.89 on June 10, when prices fell 4.45%. The metal remains 44.74% below its 52-week high of $117.39 and 81.15% above its 52-week low of $35.81, according to market data. One year ago, silver traded at $36.76 per ounce, meaning prices have risen 74% over the past 12 months.

If the ceasefire holds, silver could see further upside as broader market sentiment improves. A breakdown in talks, however, could trigger sharp volatility. Traders are watching the May Producer Price Index and jobless claims data for clues on the Federal Reserve's next policy move, with a quarter-point rate increase by December fully priced in.

Ceasefire Talks Keep Markets on Edge

US Central Command confirmed airstrikes in Iran on June 10, with President Donald Trump warning of further action if an interim peace agreement was not finalized. Iranian officials have said they will not back down. For commodities, the main risk is energy: any prolonged disruption in the Middle East could push oil prices higher, feeding into inflation expectations and supporting a hawkish rate outlook that typically caps the appeal of non-yielding assets like silver.

May US consumer prices rose at their fastest pace in more than three years, driven largely by higher energy costs linked to the conflict. The data came broadly in line with expectations, leaving traders focused on whether the ceasefire can hold. Silver at $64 represents a notable level that could attract increased investor attention to precious metals markets, with the metal's 52-week range of $35.81 to $117.39 providing context for the current price.

This article is for informational purposes only and does not constitute investment advice.