Silver and Gold Jump with Stocks on 'Fragile Pause' in US-Iran War

Gold and silver surged to three-week highs in London on Wednesday as the US-Iran ceasefire narrative triggered a sharp risk-off/risk-on crosscurrent: silver touched $77.65/oz, up 6.4% from pre-ceasefire levels, while gold briefly hit $4,855/oz, up 3.3%, before both trimmed gains. The move came alongside a drop in crude and a fall in rate expectations, with CME-implied year-end Fed rates sliding to a three-week low and 10-year government yields easing across the US, Europe and Japan. BullionVault cites Kpler’s Michelle Brouhard describing the truce as a “fragile pause” driven by economic pressure rather than a durable diplomatic settlement, leaving markets vulnerable to renewed instability.