Gold and Silver Rise as Trump Signals Iran War Could Be Ending Soon

TLDR

• Gold futures rose 1.7% to $5,192.51 per ounce in early Tuesday trading
• Silver futures jumped 4.8%, with spot silver up nearly 6% to $89.19 per ounce
• President Trump said the Iran conflict is “pretty much” over, boosting risk appetite
• Gold stayed rangebound between $5,000–$5,200 despite the geopolitical shifts
• The U.S. dollar index fell while oil prices retreated on de-escalation hopes

Gold and silver prices rose on Tuesday after President Donald Trump suggested the war with Iran may be coming to an end. The move surprised some traders, since gold typically rises during conflict — not when tensions cool.

Gold futures climbed 1.7% to $5,192.51 per ounce in early Tuesday trading. Spot gold rose 0.8% to $5,175.48 per ounce. Both moves came after Trump told a CBS News reporter that the war in Iran is “very complete, pretty much.”

Silver also moved sharply higher. Silver futures were up 4.8%, while spot silver rose nearly 6% to $89.19 per ounce. Platinum and copper also posted gains on the day.

Despite the climb, gold has stayed inside a tight $5,000–$5,200 range for the past week. Traders are still watching a long list of economic uncertainties before committing to a bigger move.

Ostwald added that Trump’s comments are “always ambiguous,” and that Tuesday’s mood was “risk on.” He warned that if tensions rise again, oil prices could go back up and push central banks toward keeping interest rates higher.

What’s Happening With Oil and the Dollar

Trump also said the U.S. was looking at ways to ease oil supply disruptions from the conflict. One option mentioned was temporarily waiving sanctions on certain oil sellers, including Russia.

Oil prices fell on Tuesday as a result. The DXY dollar index, which tracks the U.S. dollar against other major currencies, also dropped. A weaker dollar often supports gold prices.

ANZ analysts noted that gold’s rally this year has faced pressure from profit-taking, as some investors sold gold to raise cash during a sharp drop in global equity markets.

Iran Rejects De-escalation Claims

Iran pushed back on Trump’s statements. Iranian officials said they would continue blocking the Strait of Hormuz until U.S. and Israeli strikes on Tehran stop.

The war entered its eleventh consecutive day on Tuesday with no clear end in sight.

Higher interest rates remain a risk for gold. Ostwald said that if rates stay elevated, gold prices could come under pressure.

Spot platinum rose 0.7% to $2,201.48 per ounce, while LME copper futures gained 1.3% to $13,095.30 per tonne on Tuesday.

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