Silver Plunges 5.1 Percent After Trump Threatens Severe Iran Strike
Spot silver bore the sharpest blow, plummeting 5.1% to $71.26 per ounce by 0915 GMT, as investors rapidly unwound positions in the wake of Trump's televised address.
In his remarks, Trump warned that the United States would strike Iran "extremely hard" within the next two to three weeks — language that shattered lingering hopes of a swift diplomatic off-ramp and forced a sweeping reassessment of risk across global trading floors.
The ripple effects were immediate and wide-ranging. Trump's hawkish stance drove the US dollar sharply higher, lifted crude oil prices, and reignited fears that a protracted conflict could entrench inflationary pressures — keeping interest rates elevated well beyond what markets had previously priced in.
Gold was not spared, with spot prices shedding 2.8% to settle at $4,622.59 per ounce. Industrial precious metals platinum and palladium also retreated in tandem, reflecting a broad flight away from the sector.
Market sentiment soured decisively after Trump's address provided no credible timeline or framework for de-escalation. Earlier in the week, traders had cautiously positioned for a wind-down of hostilities — a bet that was swiftly unwound Thursday, leaving risk appetite subdued across asset classes.
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