Silver climbs back above $60 as dollar weakens

Silver crossed $60 per ounce during Friday's European session, rebounding from a mid-week selloff as the DXY slipped to around 100.86.invezz+1
The rally follows the largest U.S.-Iran military escalation since a June ceasefire deal, with roughly 170 strikes on Iranian targets over two days, according to Al Jazeera.aljazeera
Gold climbed toward $4,143 per ounce, with J.P. Morgan analysts still forecasting a recovery to the $4,500–$4,800 range later this year.intellectia+1

Silver prices edged above $60 per ounce on Friday during European trading, recovering from a mid-week selloff as a softer U.S. dollar and retreating energy prices provided a tailwind for precious metals. Gold also gained, climbing toward $4,143 per ounce as both metals benefited from easing Treasury yields and shifting risk sentiment tied to the volatile U.S.-Iran situation.invezz+2

Dollar Dips, Metals Respond

The U.S. Dollar Index slipped to around 100.86 on Friday, extending a modest downtrend that has provided support for dollar-denominated commodities. Silver traded around $60.22 during the European session, up roughly 0.4%, according to Invezz, while gold rose about 1.5% to $4,143.59 per ounce.tradingeconomics+3

The 10-year U.S. Treasury yield eased to 4.53% on Friday, pulling back from earlier in the week when yields spiked amid renewed U.S.-Iran hostilities. Oil prices also softened, with West Texas Intermediate dipping below $73 per barrel on Thursday, reducing one source of inflationary pressure that had weighed on rate-sensitive assets.cnbc+1

Geopolitical Backdrop: U.S.-Iran Tensions in Flux

The metals rally comes against a complex geopolitical backdrop. The U.S. struck approximately 170 military targets across Iran on Wednesday and Thursday after Tehran attacked commercial shipping in the Strait of Hormuz, the largest escalation since the two sides signed a Pakistan-brokered memorandum of understanding on June 16. Iran's IRGC retaliated with strikes on U.S. assets in Bahrain, Kuwait, and Qatar.aljazeera+1

However, diplomatic channels remain open. Iran's foreign minister has held calls with regional mediators including Pakistan and Qatar seeking de-escalation, according to analysts. Reuters reported Thursday that strategists view the exchange of strikes as possible posturing ahead of negotiations rather than full-scale unraveling of the peace process.youtube+1

Broader Market Context

Silver has declined roughly 12% over the past month from highs above $68, but remains up more than 54% year-over-year, buoyed by tight supply conditions and growing industrial demand. Gold, meanwhile, has fallen about 26% from its January record near $5,589, though analysts at J.P. Morgan still forecast a recovery toward $4,500 to $4,800 later this year.fortune+3

Ole Hansen, head of commodity strategy at Saxo Bank, noted earlier this week that gold "found support ahead of $4,050 an ounce and is now bouncing as the dollar and yields trade soften."mining

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