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2026.03.0202:54:09UTC+00Silver Trims Gains

Silver surged as much as 2.8% to $96.4 per ounce on Monday before paring gains, as traders reacted to a sharp escalation in the Middle East conflict. Over the weekend, the US and Israel launched strikes on Iran that resulted in the death of Iran’s Supreme Leader, Ayatollah Ali Khamenei, and effectively shut the Strait of Hormuz, a critical chokepoint for around one-fifth of global oil shipments and substantial natural gas flows. Tehran responded by attacking US assets across the region, including in the United Arab Emirates, Bahrain, Kuwait, Qatar, Saudi Arabia, Jordan, Iraq, and Syria.

In the US, data released Friday showed producer prices rose more than expected in January, indicating that companies are passing higher tariff-related costs on to consumers and complicating the Federal Reserve’s path toward interest rate cuts. Even so, markets continue to price in two 25-basis-point cuts this year, amid speculation that the recent geopolitical turmoil could push the Fed toward a more accommodative monetary stance.

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