Topline
Gold and silver prices are approaching their highest levels in months, a surge some analysts have attributed to falling oil prices, a softening dollar and hopes the United States and Iran will strike a deal to end the war.
Silver prices surged early Thursday. (Photo by Jonathan Raa/NurPhoto via Getty Images)
NurPhoto via Getty Images
Key Facts
The price of silver is $81.50 as of 9:15 a.m., up nearly 6% but slightly down from an intraday high of $82.24.
The price of gold is up more than 1% as of 9:15 a.m., reaching a price of $4,741.70, but slightly back from a high of $4,763.60 earlier in the day.
Silver is approaching its highest level since April 17, when it reached an intraday high above $83, and if it surpasses that mark, it’d be silver’s best day since mid-March.
Gold is at its highest level since late April, though it is still far from the highs above $5,300 it hit in early March.
Gold and silver prices have generally moved inversely with oil throughout the war in Iran, with the Brent crude oil index declining 5% Thursday.
What Are Analysts Saying About Metals Prices?
TD Securities strategists said in a note cited by Bloomberg Thursday morning gold and silver prices are being pushed up by “headlines of a potential peace deal,” though they cautioned these price swings are “extremely fragile to reversal as US and Iranian demands seemingly remain unchanged compared to prior proposals.” Analysts from Sucden Financial said in an email to Forbes a softening dollar—which is down about 0.15% Thursday morning—has helped metals prices rise, also citing “renewed diplomatic expectations.” Soojin Kim of Mitsubishi UFJ Financial Group told the Wall Street Journal that “falling oil prices and easing inflation concerns pushed bond yields and the dollar lower, supporting gold prices.”
What’s Happening With Iran Negotiations?
President Donald Trump on Wednesday said the United States has had “very good talks over the last 24 hours” and “it’s very possible that we’ll make a deal,” but he acknowledged prior talks have fallen apart. Late Wednesday, he claimed the war will be “over quickly.” Iranian officials are expected to respond to a U.S. proposal to end the war today, CNN reported, citing regional sources.
Key Background
Gold and silver prices are still below the highs they reached before the United States and Israel struck Iran in late February, sparking the ongoing war. Silver closed above $93 and gold closed above $5,200 on the last day of trading before the war began, and prices quickly tumbled, declining for weeks as oil prices surged. Gold and silver had a historic rally throughout 2025 and early 2026, hitting all-time highs as factors like global tensions, federal interest rate cuts, Trump’s tariffs and increased demand for silver from technological industries pushed up prices. Gold and silver hit record highs—about $5,600 and $120, respectively—in late January, but crashed after Trump named Kevin Warsh, considered a monetary policy hawk, as his pick for Federal Reserve chair.
Further Reading
US and Iran closing in on agreement aimed at ending war, source says (CNN)