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IPC Index — Mexico MarketSilver climbed 4% to around $74 per ounce on Wednesday, extending gains for a third straight session as optimism for an end to the prolonged Middle East conflict grew on reports that the US was pursuing talks with Iran. Israeli media indicated that Washington was seeking a one-month ceasefire to facilitate negotiations, while the New York Times reported that the US had sent Iran a 15-point proposal to resolve the conflict. This improved sentiment persisted even after President Donald Trump ordered the deployment of about 2,000 troops to the region, as the administration weighed options to ease Iran’s control over the Strait of Hormuz. Silver has previously plunged as much as 37% from its March peak as elevated energy prices driven by the Iran war fueled inflation concerns and reinforced expectations that major central banks may raise interest rates this year. Federal Reserve Governor Michael Barr said the central bank may need to keep rates elevated for some time to address inflation.
