Gold, Silver Spike In Precious Metals Rally As Iran War Cooling Sends Oil Prices Lower

• Oil prices declined after the announcement, with Brent crude futures dipping nearly 2% and WTI crude futures expiring down 1.60%.
• Spot gold climbed more than 2% to $4,650.33 per ounce at the time of writing, while silver climbed more than 4% to breach the $75 per ounce mark.
• Long-time gold bull Peter Schiff said in a post on X that the fundamentals have never been more bullish for both gold and silver.

Gold and silver prices climbed higher in the overnight session heading into Wednesday, as a weaker U.S. dollar amid geopolitical uncertainty in the Middle East has once again boosted demand for precious metals.

Spot gold climbed more than 2% to $4,650.33 per ounce at the time of writing, while silver climbed more than 4% to breach the $75 per ounce mark, extending a historic rally that has already pushed precious metals to record highs in 2026.

The uptick in precious metals comes after U.S. President Donald Trump said that the country had temporarily paused “Project Freedom,” Washington’s efforts to escort stranded vessels through the Strait of Hormuz. 

Meanwhile, oil prices declined after the announcement, with Brent crude futures expiring in July dipping nearly 2% to $108 a barrel, while WTI crude futures expiring in June were down 1.60% to $100.64 a barrel at the time of writing.

Precious Metals Demand

The U.S. Dollar Index (DXY), a benchmark index that measures the value of the U.S. dollar against a basket of six major foreign currencies, declined after Trump’s announcement, falling nearly 0.4% to trade at about 98.071 at the time of writing.

A weaker U.S. dollar makes metals cheaper for holders ‌of ⁠other currencies. 

Long-time gold bull Peter Schiff noted the climb in a post on X, reiterating his stance on “how bullish the Iran war is for gold.” Schiff also added that the fundamentals have never been more bullish for both gold and silver.

Steve Hanke, Professor of Applied Economics at Johns Hopkins University also backed the view. “The World Bank projects that on average, silver prices will be 76% higher in 2026 than they were in 2025 average. STAY LONG SILVER or GET LONG,” he said in a post on X. 

The World Bank Group has said that gold, platinum, and silver prices are expected to reach all-time annual highs in 2026 after touching record high levels during the first quarter of 2026. The bank’s precious metals price index is projected to surge by 42% in 2026. 

Retail Reaction

The iShares Silver Trust (SLV), an exchange-traded fund (ETF) designed to track the spot price of silver, was up more than 4% at the time of writing, while the SPDR Gold Shares ETF (GLD) which tracks the spot price of gold bullion, was up more than 2%.

Retail sentiment around both SLV and GLD was in ‘bearish’ territory at the time of writing amid ‘high’ message volumes. 

For updates and corrections, email newsroom[at]stocktwits[dot]com.