Silver drifts below $72, all eyes on Iran war
Silver is showing a mild bearish momentum on Tuesday’s European trading session, with the reversal from Monday’s XAGUSD high, at 81.13, extending to levels below $72.00, amid vanishing hopes of a peace deal in Iran.
The US dollar remains steady as the ultimatum on Iran to reopen the Strait of Hormuz expires in a few hours.
The US and Iran rejected the peace plan submitted by Pakistan on Monday, while Iran’s alternative proposal was considered “significant”, but not enough by US President Donald Trump.
The deadline for Iran to reopen the critical waterway expires on Tuesday at 8 PM, and Trump has threatened to “demolish” the country in one night unless a last-minute breakthrough is reached.
(Source: OANDA)
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4/7/2026 7:26:32 AM