Foundations
Silver rose 1% to $5,138.46 an ounce by 0052 GMT. On Tuesday, bullion fell to its lowest since February 20, weighed down by a stronger dollar and reduced prospects for rate cuts as inflation concerns intensified amid fears of a possible protracted Middle East war.
US gold for April delivery added 0.5% to $5,147.10.
The US dollar strengthened, making dollar-denominated assets such as bullion more expensive for holders of other currencies.
Four days after the war, US President Donald Trump told reporters that the US military had hit several Iranian naval and air targets and said that “almost everything has been destroyed.”
Global oil and gas prices have risen as the US-Israeli war on Iran has halted energy exports from the Middle East, Tehran has attacked ships and energy facilities, blocked shipping in the Gulf and halted production from Qatar to Iraq.
Global stock markets have worsened investor concerns about inflation disrupting Middle East energy supplies.
Silver is up 19% year-to-date after rising 64% in 2025 due to the global recession. Meanwhile, silver has gained more than 16 percent so far this year.
Silver rose 1.4% to $83.27 an ounce on Wednesday, after falling more than 8% in the last session.
“ETP flows are weighing on silver volatility in the near term and are key to tracking, but an underspent market suggests recovery in the coming months,” Standard Chartered said in a note.
Spot platinum added 1% to $2,104.25 an ounce, while palladium rose 0.4% to $1,653.
Data/Events (GMT)
1445 US S&P Global Comp PMI Final Feb
1445 US S&P Global Comp, Svcs PMI Final Feb
1500 US ISM N-Mfg PMI Feb.
