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- Silver advances as a tentative US-Iran ceasefire extension eased global inflation and interest rate concerns.
- President Trump hasn’t yet approved the Iran terms, and Vice President Vance warned that a final agreement remains uncertain.
- LMAX’s Joel Kruger noted softer core inflation and moderating growth suggest a less aggressive Fed, supporting risk assets.
Silver price (XAG/USD) gains ground for the second successive day, trading around $75.80 per troy ounce during the Asian hours on Friday. The non-yielding white metal advances following the report that the United States (US) and Iran have tentatively agreed to a 60-day ceasefire extension, easing concerns over inflation and interest rates. This potential breakthrough could allow unrestricted shipping through the crucial Strait of Hormuz, with Iran reportedly committing to clear all maritime mines from the waterway within 30 days.
However, traders still adopt caution after CNN reported on Thursday that US President Donald Trump has not yet approved the terms. Meanwhile, the Guardian reported that US Vice President JD Vance stated Washington was “not there yet” regarding a final agreement with Iran, though he noted that the parties were close to a deal. Furthermore, Vance added that the United States is currently positioned to substantially set back Tehran’s nuclear program if necessary.
Thursday’s US Personal Consumption Expenditures (PCE) report revealed softer-than-expected inflation, with headline and core metrics rising 0.4% and 0.2% month-over-month, respectively. While annual figures remained elevated above the Federal Reserve’s target at 3.8% and 3.3%, the cooler data alleviated fears that recent energy shocks would worsen the long-term outlook. Joel Kruger, market strategist at LMAX Group, noted that this combination of softer core inflation and moderating growth suggests the Fed may ease its aggressive “higher-for-longer” interest rate stance, a shift that is generally supportive of risk assets.
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