- Silver gains momentum as optimism surrounding Friday’s interim US-Iran peace agreement in Switzerland is expected to improve global oil supply conditions.
- Adding to market sentiment, US Vice President JD Vance said that Donald Trump could unveil the preliminary US-Iran peace deal earlier than anticipated.
- Meanwhile, the Federal Reserve is broadly expected to keep its benchmark interest rate unchanged within the 3.50%–3.75% range.
Silver prices (XAG/USD) extended their rally for a fifth straight session, hovering near $70.40 per troy ounce during Wednesday’s Asian trading hours. The precious metal remains supported as investors look ahead to the signing of an interim US-Iran peace agreement scheduled for Friday in Switzerland.
The anticipated agreement is expected to restore Iranian oil exports immediately while ensuring the safe movement of international tankers through the strategically important Strait of Hormuz. The development has helped calm concerns over energy-driven inflation and the outlook for global interest rates.
Diplomatic progress has intensified in recent days. US Vice President JD Vance stated on Tuesday that Donald Trump could unveil a preliminary peace framework sooner than expected, after previously suggesting that an agreement framework had already been reached. At the same time, Iranian Foreign Minister Seyed Abbas Araghchi confirmed that a fresh round of negotiations aimed at securing a broader and permanent peace deal will begin in Switzerland.
Investor focus is now turning to Wednesday’s highly anticipated policy decision from the Federal Reserve. Markets broadly expect the central bank to adopt a cautious wait-and-see stance and leave interest rates unchanged within the 3.50%–3.75% range. Traders will also closely watch the post-meeting press conference for signals on how newly appointed Fed Chair Kevin Warsh plans to steer monetary policy going forward.
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