Silver futures opened 1.5% higher at $58.65 an ounce on Monday after the U.S. paused a second straight weekend of planned airstrikes on Iran, then slipped back to $58.03 by 8:23 a.m. ET. The metal still sits well above year-ago levels. The pause in airstrikes is behind the move.
Silver futures opened at $58.65 an ounce on Monday, August 3, up 1.5% from Friday's close. The metal then slipped to $58.03 as of 8:23 a.m. ET.
The jump followed the U.S. pausing planned airstrikes on Iran for the second weekend in a row, an effort to restart peace talks. According to President Trump, widespread airstrikes planned for Sunday night were put on hold after U.S. allies in the Middle East urged him to de-escalate. As a result, silver opened higher than Friday's close before easing lower through the morning.
Despite Monday's pullback, silver's longer-term trend remains elevated: the metal is still up 61.4% over the past year, though down 1.4% over the past month and up just 0.3% over the past week. Its year-over-year growth reached as high as 173.3% on May 14.
De-escalation marks an essential first step toward negotiations, but it won't be enough to relieve the continued threat of higher energy prices as long as the Strait of Hormuz remains effectively closed to shipping traffic.
Source: Yahoo Personal Finance
Trading involves risk.
Risk Disclaimer
