BUSINESS – Gold and silver prices are once again flashing brightly across global markets, and this time the fuel behind the rally is not panic, but relief. After months of turbulence tied to the Iran conflict and disruptions in the Strait of Hormuz, investors are increasingly betting that a diplomatic breakthrough could reignite the long-term bull market for precious metals. Cited from CNBC, analysts believe the historic rally in gold and silver may resume “as the fog of war lifts.”
During the height of the conflict, soaring oil prices pushed inflation fears higher and forced central banks to maintain elevated interest rates. That environment created unusual pressure on gold, which traditionally struggles when interest rates remain high because the metal does not generate yield. Yet as hopes for a U.S.–Iran peace agreement grow, oil prices have started to retreat, bond yields have softened, and the U.S. dollar has weakened—conditions that often create fertile ground for precious metals to surge again.
The numbers already hint at renewed momentum. Reuters reported that spot gold climbed above $4,700 per ounce while silver jumped more than 2.5% in a single session. On COMEX, silver futures surged nearly 4%, continuing a remarkable run that has stunned even seasoned traders. Markets, it seems, are treating peace talks not as a sign to abandon gold, but as permission for the rally to breathe again.
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Philippe Gijsels, chief strategy officer at BNP Paribas Fortis, told CNBC that he expects the secular bull market to continue and potentially push precious metals toward “new all-time highs.” Meanwhile, Ross Norman, CEO of Metals Daily, used a more vivid comparison, saying, “It’s as if the handbrake has been released from gold and silver.” The image captures the mood perfectly: investors no longer appear frozen by geopolitical uncertainty and inflation anxiety.
Silver, in particular, is attracting attention not only as a safe-haven asset but also as an industrial metal increasingly tied to renewable energy technology and data infrastructure. Some investors on online forums noted that nations may accelerate investments in solar energy and alternative systems after witnessing how vulnerable oil supply chains can become during geopolitical crises.
Analysts, however, remain cautious about declaring victory too soon. TD Securities warned that negotiations between Washington and Tehran remain fragile, and any reversal could quickly reignite volatility across commodity markets. For now though, traders are watching gold and silver with renewed fascination, as if the metals market has stepped out from behind storm clouds and back into sunlight.
