The rises of prices in silver and other precious metals are primarily due to a decline in inflation expectations, fuelled by hopes for a lasting peace between Iran and the US, or at least the reopening of the Strait of Hormuz. Precious metals were under significant pressure from rising bond yields worldwide, which drove demand for safe-haven assets and guaranteed a higher and more secure rate of return.
Growing optimism regarding peace in the Middle East and the accompanying fall in bond yields (rising prices) has made precious metals attractive again following recent sell-offs, although historically high valuations and concerns about the high volatility seen at the start of 2026 may limit the potential for a return to a strong upward trend.

SILVER is rebounding in tandem with the rise in prices (fall in yields) of US 10-year Treasury bond futures (TNOTE; shown in blue). Further gains will depend on how the silver price reacts to the resistance currently being tested around $82 per ounce. Source: xStation5

Following a correction, gold broke above the POC zone of the volume profile in the 4550–4600 region, where the bulk of historical trading volume is concentrated — and it found strong support there. The rebound also broke through the negative standard deviation line of the anchored VWAP, which means that, from a technical perspective, the metal is paving the way for potential further gains towards the VWAP average value zone (the blue curve on the chart) and the next volume cluster zone near $5,140 per ounce. Further price movements in GOLD may depend on the trajectory of peace talks in the Middle East and the general positioning of the USD, as there has often been an inverse price correlation between these two instruments. Source: xStation
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