Silver Surges as U.S.-Iran War Starts. Breaking $95 to Hit Highest Since February
TradingKey - US-Iran conflict drives silver prices higher, with potential to break above $100.
During Asian trading hours on Monday, influenced by the US-Iran conflict, silver ( XAGUSD) prices jumped above $95/oz, reaching a peak of $96.22, marking a new high since February this year. At the time of writing, spot silver was trading at $93.88.
Silver price chart, Source: TradingView
Last Saturday (March 1), US and Israeli forces launched multiple military operations against Iran, including 'Lion’s Roar,' 'Shield of Judah,' and 'Epic Fury,' aimed at targeting senior Iranian officials and military commanders while destroying key infrastructure. Following Zimbabwe, the US once again completed a decapitation strike, with Iran's Supreme Leader Ali Khamenei killed in an airstrike.
In retaliation, Iran subsequently launched military operation 'True Promise IV,' firing missiles at Israeli and US military bases, including those in Bahrain, Kuwait, Qatar, and the UAE. Additionally, Iran's foreign minister stated, 'A new Supreme Leader could be elected within a day or two; regime change is impossible.'
It is evident that Iran has not compromised, while the US continues to ramp up pressure. US President Trump stated, 'Military operations are still in full swing and will continue until all our objectives are met.'
Escalating tensions in the Middle East will provide support for silver prices, which are expected to strengthen further and break the $100 psychological level. However, caution is advised as any sudden mediation could weaken safe-haven demand. A Barclays analyst noted, 'History strongly suggests that one should not chase a rally when conflict breaks out, but rather sell.'
Nothing in this material constitutes investment advice, personal recommendation, investment research, an offer, or a solicitation to buy or sell any financial instrument. The content has been prepared without consideration of your individual investment objectives, financial situation, or needs, and should not be treated as such.
Past performance is not a reliable indicator of future performance and/or results. Forward-looking scenarios or forecasts are not a guarantee of future performance. Actual results may differ materially from those anticipated.
Mitrade makes no representation or warranty as to the accuracy or completeness of the information provided and accepts no liability for any loss arising from reliance on such information.
Recommended Articles
